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The Copenhagen Accord sets targets for reducing greenhouse gases worldwide. President Obama, arfter meeting with Chinese Premier Wen Jiabao, Indian Prime Minister Manmohan Singh and South African President Jacob Zuma, formally announced that an agreement had been struck. Some of the specifics include:
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The developed countries will commit to providing $100 billion a year by 2020 "to address the needs of developing countries." The amount is needed to provide a truly global effort at reducing greenhouse gases.
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The countries recognize the vital role of reducing deforestation, which is a major contributor to greenhouse gases.
- The parties agree to review the accord by 2016 and decide whether stiffer cuts are needed.
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The developed world will commit to reducing global emissions of greenhouse gases by 80%, below 1990 levels, by the year 2050. The draft had committed the entire world to a 50% cut by 2050, but that was unacceptable to the developing world.
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Concerning verification, the final paper stated: "The agreement would establish the underpinnings of the verification system we need to be confident that countries are keeping their promises.
While some groups disapproved of the agreement, many countries are now heading toward a lower carbon-emitting future. This is a big step for business. It adds up to more certainty -- and opportunities.
Meeting the new targets will also mean a shift to renewable power, away from fuel sipping cars, to efficiency steps such as the smart grid and to green buildings.
Regardless of whether you agree with the deal, it is a first step, it's the first time that countries worldwide have come together for a common cause. Let's give the deal a chance to succeed.
What can you do to reduce greenhouse gases?
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