Halfway through 2010 and Copenhagen seems a lifetime away, while Cancun is only around the corner. Despite popular media claims Copenhagen wasn’t such a total disaster as it is now portrayed.
The credit for this must go to the BASIC bloc, Brazil, South Africa, Indonesia and China. These rapidly developing countries had already implemented plans to reduce their emissions and had them internationally monitored and verified. What I have found is often overlooked is the fact that this is the first time in the history of international cooperation on climate change that there is a voluntary partnership between North and South with backing from emission targets and intentions. In total over 100 countries associated themselves with the Copenhagen Accord, which is more than any other agreement has done since the Kyoto Protocol.
In my humble opinion the silver lining that came out of talks in Copenhagen was the REDD plus scheme, which focused on reducing the 20% of global greenhouse gas emissions that are linked to deforestation. By paying developing nations to conserve rather than chop down their forests would curb these emissions and provide important benefits to local and national economies.
For instance in the case of Indonesia, if they halved their current rate of deforestation they could potentially earn up to $1 billion per annum and that is if prices for carbon stay relatively low. More income could be generated if the efforts to curb emissions drive the price of carbon higher. In advance of an international agreement on climate change investment in renewable energies and forestry can help support the carbon markets.
Of course developing countries such as Brazil and Indonesia aren’t just driving down emissions for the environment; their motives are of a much more financial bent. The pledge of $30 billion from developed nations would be ploughed into investments on the ground.
However, the concern among many developing countries is that the industrialised nations aren’t providing new money but instead are repackaging old pledges and/or funds diverted from other existing budgets.
And some countries are not prepared to wait for a new ‘Kyoto Protocol’. Instead roughly 30 developing countries are already requesting UNEP’s help in transforming their economies and development strategies to a green economy. For many of these countries this move not only makes social and environmental sense but economic sense as well.
In China for instance over 30% of their stimulus package is being spent on high-speed rail, renewables and energy efficiency projects.
The challenge for world leaders at the climate talks in Cancun later this year is to recognise that only through a fair and equitable global agreement can climate change be addressed by all 193 countries.
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