T.8. Cop 15 Copenhagen Summit
- The absence of a legally binding agreement at CoP 15 in Copenhagen resulted primarily from disagreements between developed and developing nations.
- The summit concluded with CoP acknowledging the Copenhagen Accord, a non-binding agreement involving Basic nations and the US.
- The Copenhagen Accord emphasizes the necessity for significant international emissions reductions to limit the global temperature increase to below two degrees Celsius.
- Under the Accord, developed nations commit to setting targets for reducing their greenhouse gas emissions by 2020.
- Developing countries agree to pursue nationally appropriate mitigation strategies to curb emission growth but are not obligated to reduce their carbon output.
- Recognizes the need to establish a mechanism, including REDD-plus, to facilitate the mobilization of financial resources from developed countries to support these efforts.
- Encourages incentives for low-emitting economies in developing countries to continue on a low-emission development path.
Agrees that developed countries will raise $30 billion from 2010-2012 in new and additional resources, with a “goal” for the world to raise $100 billion per year by 2020. New multilateral funding for adaptation will be included.