(Photo of coal power plant in Germany from Flickr and photographer davipt/Bruno Rodrigues
Nearly 200 countries head to Copenhagen this weekend, in an effort to forge a “political” climate agreement – to be followed in 6-12 months by a “binding” agreement. It is far from certain what the outcome of this Dec. 7-18 United Nations Climate Change Conference will be.
The UN’s chief climate executive Yvo de Boer hopes to see:
• Deeper emissions targets from industrialized countries.
• Reductions or actions pledged by developing countries.
• A “prompt start” fund for clean energy, adaptation and deforestation reductions – with rich countries pledging $10 billion a year over the next 3 years.
• A decision about the structure of a legally binding agreement to follow next year.
Individual pledges
Some industrialized countries have individually stated targets for emission cuts by 2020.
• Norway was the most ambitious, offering to cut 40% (from 1990 levels).
• The EU pledged 20% (from 1990), going up to 30% if others did the same.
• Japan pledged 25% (from 1990).
• Australia said 15% (from 2000).
• The U.S. said 17% (from 2005). (We are already down 8.5% because of the economic slowdown.)
• Canada followed the U.S. lead, though its parliament wanted a 25% cut (from 1990).
• Russia pledged 25% (from 1990), though it’s already down about 34% based on economic problems, so could increase its emissions under this pledge.
The overall pledged reduction from industrialized nations for 2020 is somewhere in the range 11-15%, far below the 25%-40% developing countries expect from the “rich countries.”
Developing countries
Some developing nations also have announced goals, often measured against BAU (business as usual) projections. They all want to grow economically, but will cut “intensity” or amount of emissions per economic unit.
• China pledged 40-45% reduction in intensity.
• Brazil said 36-39%, and an 80% cut in deforestation.
• South Korea pledged 30% below forecasts (from 2005 levels).
• Indonesia said 26% from BAU.
About 70 heads of state have said they will attend, including Obama, who will be there Dec. 9 on his way to Oslo for the Nobel ceremony; president Hi Jintao of China; Prime Minister Gordon Brown of UK; and Prime Minister Kevin Rudd of Australia.
Terminology
Some issues and acronyms you should know about if you plan to follow this conference, knows as Cop15:
MRV = monitor, record and verify. Obama pushed this concept as a necessary component of any agreement. Some developing countries are wary of it, without any funding to help them keep track of their emissions.
BASIC = The four biggest polluting developing countries: Brazil, South Africa, India and China. Under the Kyoto treaty they didn’t have to set targets. Now they threaten to walk out if rich countries demand too much of them.
REDD = Reduced emissions from deforestation. This is a big issue for rainforest countries that want credit for not cutting down trees and financial help to replace farming and livestock that are replacing the forests.
Trust – This is not an acronym but a serious problem between the have and have-not countries.
All this plays out against the backdrop of recent reports that climate change is happening more rapidly than anticipated – fulfilling the worst-case scenario in the Intergovernmental Panel on Climate Change reports.
Stay tuned. This is important stuff. We’re all in it together.
(Sources: Sierra Club, BBC, Reuters, ClimateWire, NRDC, climateprogress.org)
1 comment:
The science behind climate change is a joke.. without going back too much, Danish people should know well that until the XIV century Greenland was actually GREEN LAND, after there was a significant cooling (just look at ice skater in Flemish paintings). Just looking at that for me is difficult to accept blindly that mankind is the cause of climate change
However also given for grant that carbon is the cause of climate change: the current policy will change nothing
Scientists tell us that WHAT MATTER is the concentration of Co2 in the atmosphere.. to reduce this concentration we should emit less Co2 than what the whole system is able to absorb. The truth is that “the system” is able to absorb very little … also a Co2 reduction of -50% overnight would not be sufficient to reduce the concentration
SO, IF THE CAUSE IS CO2 IT WILL GET WORSE AND WORSE NO MATTER WHAT HAPPENS, THE ONLY WAY OUT WOULD BE A REDUCTION OF WORLD POPULATION BY HALF OR MORE.
Summing up climate change for me is a joke, but people want to invest there, politicians can get votes and it is now 5% of world GDP, so if you cancel this industry you will have double the impact of current crisis on world GDP.
WHAT TO DO? In the end what everyone wants is Co2 price to go up, so don’t bother with investing in renewables or related stuff… just buy directly Co2 today with a cheap ETF (50bps management fee and no performance fee, with daily liquidity) ou buy at 15 today , you get 30/40 in 4-5 years with a NET 15-20% annual return.
PS: for those who are afraid that the melting of the ice will increase sea levels and destroy their second home on the seaside… don’t bother, the melting of icebergs will not increase sea level, as for the principle of ARCHIMEDE: the total mass of the ocean and ice remains unchanged even when the ice melts. Just try to let melt the ice in your drink, you will see that your drink will not go up!
Post a Comment