Thoroughly depressing news to wake up to this morning. It looks like our feared about the Copenhagen climate change talks have come true. World leaders have admitted that there is likely to be no final resolution and that the Copenhagen talks are most likely to be a starting point to talks rather than an end point.
At the Asia Pacific Economic Cooperation (APEC) forum leaders including Barack Obama, Hu Jintao and Kevin Rudd, who have all drawn up significant plans for ETS deals and other environmental strategies in their own nations, appear to have given up on uniting world nations’ to come up with a meaningful deal.
This is disappointing, but not unexpected. There has been some intense expectation management over the last few weeks and it seemed almost inevitable that there was to be no lasting strategy to come out of this meeting. The EU has set out strategies to help nations meet their climate change targets, but nothing has been set in stone, especially in regards to money being set-aside. Developing world nations have been consistently threatening to walk out of talks due to the lack of agreed funding from the developed world to help developing nations fund anti-climate change projects.
Personally, I never really had much faith in the COP15 meeting to come up with any large-scale meaningful treaty. The fact is though, Kyoto formally ends at the end of 2011, begining of 2012. This obviously leaves a couple of years to create a meaningful and effective post-Kyoto deal.
The significance of a no-deal result in Copenhagen, is the number of nations that have created emission reduction schemes that will only be meaningful if there is a result in Copenhagen, the EU is one of these nations. Currently the EU has committed to a 20% reduction in carbon emissions, but it would be 30% if a deal was met in COP15.
Therefore, not reaching a result in Copenhagen will obviously be a failure. Hopefully, world leaders have something up their sleeves and will be able to swoop in at the last-minute to come up with something. In my wildest dreams I can imagine Obama, Rudd or Brown flying in at the last moment and saving the day, but realistically, I think we will still be looking forward into 2010 before a post-Kyoto deal is reached.