The Copenhagen Accord, the first global agreement of the 21st century to comprehensively influence the flow and share of natural resources, was agreed upon by 26 most influential countries in the wee hours of December 19, 2009, in the capital of Denmark.
Major Highlights of the treaty
- The final draft after the Copenhagen summit has agreed to cuts in emissions and hold increase in global temp below 2°C.
- A proposal attached to the accord calls for a legally binding treaty by the end-2010.
- Developed countries to provide adequate financial resources and technology to support developing countries. A goal of mobilizing $100 billion a year by 2020 to address the needs of developing countries has been set.
- Details of mitigation plans are included in separate annexure, one for developed countries and one for voluntary pledges from developing countries. These are not binding, and describe the current status of pledges—ranging from ‘under consideration’ for the United States to ‘adopted by legislation’ for the European Union.
- Emerging economies have been asked to monitor their efforts and report the results to the United Nations every two years, with some international checks to meet transparency concerns of West but ‘ensure that national sovereignty is respected’.
- The accord agrees to provide positive incentives to fund afforestation with financial resources from developed world
- Carbon Markets are mentioned in the accord, but not in detail. The deal promises to pursue various approaches, including opportunities to use markets to enhance the cost-effectiveness and promote mitigations actions.