The U.S., China, India, Brazil and South Africa have reached a “meaningful agreement” for combating climate change, The Wall Street Journal reports. But an administration official said the non-binding deal was not sufficient to combat climate change.
Under the agreement, each country will list the actions it will take to cut greenhouses gases by specific amounts, AP reports.
The deal sets a cap on worldwide temperature increases at no more than 2 degrees, but contains no binding emissions standards, Politico reports.
The pact includes an agreement to put off until next month a decision on targets for reducing carbon emissions by 2020, AFP reports.
A mechanism will also be put in place to direct money to help developing nations cope with the affects of climate change. Reuters quotes French President Nicolas Sarkozy as saying that “all countries” had signed up to provide developing nations with $100 billion a year in aid by 2020.
The AFP reports that the U.S. will contribute 3.6 billion dollars in climate funds for poorer nations in the 2010-2012 period ,Japan will contribute 11 billion dollars over the three-year period and the European Union 10.6 billion.
Even though the deal was reached, USAToday points out there are still many things up in the air. For example, many of the actual leaders, including Obama, won’t be around to sign the agreement.
The agreement came just a short while after Gordon Brown disclosed that world leaders in Copenhagen were drawing up a “Plan B” for an international agreement on climate change that excludes China, The Telegraph reports.