This framework for looking at possible outcomes of the COP-15 convention was first introduced at a press event on November 20th.
In December 2009, representatives from 192 member countries of the United Nations Framework Convention on Climate Change (UNFCCC) will converge in Copenhagen to decide how the world responds to climate change. Below are the five key indicators of success in Copenhagen, based on WRI’s long-running analysis of the issues under negotiation. For a full description of each, please see Foundation for a Low Carbon Future: Essential Elements of a Copenhagen Agreement.
1. Targets, Timetables and Actions
Developed countries agree on ambitious collective greenhouse gas emission reduction targets for 2020 (25-40% cuts on 1990 levels) and 2050 (80% cuts) and set national 2020 emission reduction targets. Developing countries agree to pursue significant actions, including reducing deforestation, to reduce their emissions.
2. Funding for Global Climate Action
Countries agree on a climate finance mechanism to provide “fast start” funds of $10-$15bn to developing countries in 2010 to 2012 as well as longer term predictable funding for climate adaptation and mitigation – including forestry and technology support.
3. Common Standards
To enable “apples to apples” comparisons, countries agree to establish common international methodologies to track greenhouse gas emissions and common international standards to account for, and report on, emission reduction measures.
4. Peer Review
Countries agree on a robust mechanism to measure, report and verify (MRV) the implementation of national commitments and actions agreed at Copenhagen.
5. Declaration on a Legal Climate Agreement
Countries decide that a final post-2012 climate agreement, built on these foundations, will be legally binding. Negotiations could be completed in 2010.