COP16: ‘Cancun Agreement’ signed by US, China
United Nations global climate delegates worked till the early hours Saturday, to wrap up COP16 in Cancun, Mexico, with a document. The ‚ÄúCancun Agreement‚ÄĚ locks in emissions reductions targets for 80% of global emissions, notably including China and the US.
‚ÄúThis is the first time we‚Äôve seen the US together with China and all other major emitters anchoring their national pollution targets in a formal UN agreement – the significance of this should not be underestimated,‚ÄĚ said Erwin Jackson, Climate Institute Deputy CEO. ‚ÄúWhile some aspects are disappointing … the Cancun talks produced a formal UN decision anchoring pollution limitation and reduction targets covering over 80 percent of global emissions,‚ÄĚ said Jackson.
The official UN document was signed by all nations, except Bolivia, reported U.K. daily The Telegraph, whose objections were overruled by Patricia Espinosa, Mexican foreign secretary and president of the talks.
The document makes significant progress from COP15 in Copenhagen last year. ‚ÄúWhile there is much work yet to do, the success of the UN conference on climate change in Cancun has set the world on the path to a safer, more prosperous, and sustainable world for all,‚ÄĚ said UN Secretary-General Ban Ki-moon.
The Wall Street Journal reported that the green of most importance was money suggesting ‚Äúthat rich countries would spend potentially trillions of dollars to help poor countries develop on a greener path.‚ÄĚ
Indeed, an achievement of Cancun is consensus on the establishment of the Green Climate Fund, a financing system for poorer countries to tap in order to decrease their use of pollution-intensive energy sources, and adapt and respond to climate-change related natural hardships. Richer countries will contribute $100 billion annually to the fund by 2020, as reported by India‚Äôs Daily Star.
USAToday reported on other initiatives outlined in the agreement including: a financial framework to protect tropical forests and prevent clear-cutting, and the establishment of a Technology Executive Committee, a group that will oversee the process of transferring clean energy technologies to poor nations.
The Cancun summit brought into focus the ‚Äúthe scene of a battle‚ÄĚ when additional emissions reductions targets laid out in the Kyoto Protocol are to be discussed at next year‚Äôs Conference of the Parties (COP17)¬† scheduled for Nov. 28 ‚Äď Dec. 11, 2011, in South Africa.
Stay Up-to-Date On Environmental Management, Energy & Sustainability News with EL's Free Daily Newsletter
Energy Manager News
- Bridgewater, MA, Gets $231,000 Efficiency Grant
- Biomass Group Studies Role in Clean Power Plan
- Rockleigh Borough Installing LEDs, Low Energy AC
- PHG to Build Big Gasification Plant for Sevier Solid Waste
- Energy Profile of Commercial Buildings Changing
- Smart Meter Market Surging
- Modular Data Centers Cut Construction Costs
- Failure to Build Energy Infrastructure Could Cost New England $5.4B