There will now be a strong requirement for domestic action around the world following international negotiations. Cutting carbon remains the smart business objective, whether that carbon is in existing operations, new technologies or international projects.
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Background to the COP
Over a decade ago, most countries joined an international treaty called the United Nations Framework Convention on Climate Change (UNFCCC). They did so as the world saw a growing base of scientific evidence and concern over the effects of human activities on climate change. Global cooperation was, and still is, required to address the complicated issue of global warming. Its effects will be felt across the world and it needs an international approach to resolution.
The Kyoto Protocol, an agreement linked to the UNFCCC which introduced legally binding measures to address climate change, has a commitment period between 2008 and 2012. As it stands there is no replacement framework to follow this from 2012; and this was the crux of the Copenhagen Summit in December 2009, that held the objective of agreeing a strong multilateral framework to ensure continuity of commitment post 2012 by all nations.
Kyoto Protocol
The Kyoto Protocol was agreed in December 1997, though it only took effect on 16th February 2005. The essence of the Kyoto Protocol is to set legally binding emission reduction targets for 37 industrialised countries. The major distinction between the Protocol and the original Convention is the commitment level of the Protocol. All countries joined under the Convention are encouraged to stabilise their greenhouse gas emissions, whereas signatories to the Protocol are legally committed to an average reduction target of 5% against 1990 emission levels between 2008 and 2012.
To date*, 187 Parties of the Convention have ratified the protocol (*last updated Oct 2009).
Further details on the Kyoto Protocol can be read in the UNFCCC Kyoto Reference Manual.
There are three market-based mechanisms constructed to help countries meet their emission reduction targets. These Kyoto mechanisms are emissions trading, the Clean Development Mechanism (CDM) and Joint Implementation (JI). National reports must be submitted at regular intervals, providing annual emission inventories. It is important for the Protocol that careful monitoring is carried out.
Additionally, the Kyoto Protocol includes the facility to help countries in their adaptation to the adverse effects of climate change. Developing countries that are Parties to the Kyoto Protocol have access to the Adaptation Fund, which is financed primarily with part of the proceeds from CDM project activities.
Copenhagen Summit
The international meeting of global heads of state in December 2009 was set up as a platform to negotiate a successor agreement to the first commitment period of the Kyoto Protocol. The success of this summit and its ongoing, resulting talks is critical if we are to stabilise global emissions and stop runaway climate change.
It is not just governments who attended the COP 15 sessions of the UNFCCC; registration was open (until 1st July) to the press, IGOs and NGOs as well, as observer organisations. Politicians, individuals and businesses worldwide arrived hoping for further clarity to result from the Copenhagen summit.
The essential elements of an international agreement would include target emission cuts for industrialised countries alongside emissions growth limits for developing countries. In addition to this the efforts by developing countries to deal with the effects climate change will need to be financed, and that finance carefully structured. These views were expressed by the executive secretary of the UNFCCC, Yvo de Boer.
UNFCCC Calendar
The United Nations Climate Change Conference was held in Copenhagen from 7th to 18th December 2009. There continue to be a series of important and informational events and meetings that formed the roadmap to Copenhagen. You can view the UNFCCC Calendar for details on these events.
Regulatory Conference Calendar
For a look at the key conferences and summits to be held around and following the COP in Copenhagen, we've uploaded the Copenhagen and Climate Change Calendar.