What has the Copenhagen conference o the climate change brought to business?
The United Nations Climate Change Conference held in Copenhagen from 8 to 13 December 2009 met expectations. It was clear at the outset that a legal framework was unlikely to be achieved.
At the end of the conference, although there are many decisions and pledges, the best that could be achieved at a conference attended by representatives of 192 countries of the world was an Accord, because decisions has to be taken unanimously. A global agreement on concerted global action for this global challenge was predictably overwhelmed by vested self interest.
Nevertheless delegates decided that the negotiation process will continue and other two conferences will be organised: in Mexico from 29 November 2010 to 10 December 2010 and in South Africa from 28 November to 9 December 2011.
What has the Accord brought?
The Parties to the Accord agree, that deep cuts in global emissions will be required and that countries will také action to hold the increase in global temperature below 2 degrees Celsius. The Accord does not mention any long-term vision on emission redutions for 2050, nor does it include medium-term targets for 2020.
UN Secretary-General Ban Ki-moon told the conference delegates: „Many will say that it lacks ambition, … nonetheless, you have achieved much.“
The Accord is based on a proposal tabled by US-led group of five nations, including China, India, Brazil and South Africa. US President Barack Obama called it „a meaningful agreement“.
A Copenhagen Green Climate Fund is to be established as a financial mechanism of the Convention to support projects, programmes, policies and other activities in developing countries related to mitigation, including reduce emissions from deforestation and forest degradation (REDD-plus), adaptation, capacity-building, technology development and transfer.
Developed countries have committed some USD 30 billion for the period 2010 - 2012. Funding for adaptation measures will be prioritized for the most vulnerable developing countries. In order to take meaningful mitigation measures, developed countries commit to a goal of mobilizing jointly USD 100 billion dollars a year by 2020 to address the needs of developing countries. This funding is intended to come from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources of finance. It is envisaged that a significant portion of such funding should flow through the Copenhagen Green Climate Fund.
What do the Copenhagen conclusions meen for business?
Business, alongside governments and society, will have to focus on how to scale up and effectively deliver the financing needed to support climate change and how to successfully implement cost-effective policy mixes. Business will have to be constantly alert to the developing policy frameworks, opportunities for investment, innovation and trade so that they can make the most effective contribution to tackling this major global challenge. Such large sums of money aimed at providing the solutions for climate change will significantly affect the content and structure of enterprises and jobs.
The IOE as the global voice of business in influencing employment and social policy will continue to work with other business organisations and global institutions to provide foresight on the impact of climate change policies on labour markets and provide support to help make enterprises sustainable.
Copenhagen Accord (of 18 December 2009) [183 kB pdf]
Marta Blízková
International Organisations and EU Affairs
