Cancun Climate Deal

[Slim]

So apparently we got ourselves a climate change deal!

The Cancun accord was hailed not only as a major step forward in fight against global warming, but a much-needed boost for multilateralism as 193 nations -- from the U.S and China, to Grenada and Lesotho -- put aside national differences and found common cause against a growing crisis.

...

Under the deal, developed countries agreed to set up a "Green Climate Fund" that would manage most of the $100-billion (U.S.) per year promised to poor countries by 2020. It would be initially managed by the World Bank.

From the BBC:

THINGS ACHIEVED

• Fund to channel money from the West to developing nations
  
• Formal recognition that current emissions pledges need to rise
  
• A framework on paying countries not to cut down their forests
  

THINGS NOT ACHIEVED

• Deeper emissions cuts
  
• Mechanisms for negotiating deeper emission cuts
  
• Deciding on the legal status of any new global agreement
  

Non-binding, not robust, but at least it's a deal. Baby steps are still progress, albeit not a lot

Thoughts, folks?

[waldo]

baby steps... just where is the biggest concentration of wailing and gnashing of teeth coming from? Of course, the current level of emission reductions stands at roughly 15% below 1990 levels by 2020... which presumes to keep global temperature rise to the 'targeted' 2°C level. The absence of a required additional 25% emission reduction in current pledges... presumes to keep the earth on a trajectory for an ~ 3-4°C temperature rise...

Elements of the Cancun Agreements include:

=> Industrialised country targets are officially recognised under the multilateral process and these countries are to develop low-carbon development plans and strategies and assess how best to meet them, including through market mechanisms, and to report their inventories annually.

=> Developing country actions to reduce emissions are officially recognised under the multilateral process. A registry is to be set up to record and match developing country mitigation actions to finance and technology support from by industrialised countries. Developing countries are to publish progress reports every two years.

=> Parties meeting under the the Kyoto Protocol agree to continue negotiations with the aim of completing their work and ensuring there is no gap between the first and second commitment periods of the treaty.

=> The Kyoto Protocol's Clean Development Mechanisms has been strengthened to drive more major investments and technology into environmentally sound and sustainable emission reduction projects in the developing world.

=> Parties launched a set of initiatives and institutions to protect the vulnerable from climate change and to deploy the money and technology that developing countries need to plan and build their own sustainable futures.

=> A total of US$30 billion in fast start finance from industrialised countries to support climate action in the developing world up to 2012 and the intention to raise US$100 billion in long-term funds by 2020 is included in the decisions.

=> In the field of climate finance, a process to design a Green Climate Fund under the Conference of the Parties, with a board with equal representation from developed and developing countries, is established.

=> A new "Cancun Adaptation Framework" is established to allow better planning and implementation of adaptation projects in developing countries through increased financial and technical support, including a clear process for continuing work on loss and damage.

=> Governments agree to boost action to curb emissions from deforestation and forest degradation in developing countries with technological and financial support.

=> Parties have established a technology mechanism with a Technology Executive Committee and Climate Technology Centre and Network to increase technology cooperation to support action on adaptation and mitigation.

full agreement (draft/unedited):

[bush_cheney2004]

...Non-binding, not robust, but at least it's a deal. Baby steps are still progress, albeit not a lot

$100 billion to shut 'em up...quite a bargain!

[August1991]

$100 billion to shut 'em up...quite a bargain!

That's in 2020 money. The World Bank now has annual lending of about $60 billion.

Promises, promises.

-----

The terrible thing is that third world aid usually goes to governments or is controlled by governments. The World Bank cannot lend or provide aid directly to individuals. It's like equalization in Canada so in effect, it turns the State in poor countries into prizes to be won and creates opportunity for rent-seeking activities.

[Slim]

Thanks for the link, waldo. Better summary of the deal than what I put up.

So anyway, the cynic in me is of course knowing this is hardly sufficient and will not be enough to come close to solving the coming crisis.

BUT this is hardly the pinnacle of international agreements concerning climate change. It's a start. Get the ball rolling, and start working towards some solutions. But I'm not naive enough to think it won't be a bit of a painful process!

[Bonam]

THINGS ACHIEVED

* Fund to channel money from the West to developing nations

Yay, just what we need. More money going into the pockets of dictators, mass-murderers, and incompetent thugs, who of course care nothing for the environment, nor the lives of their people. How much of this $100 billion is gonna end up in the hands of black market arms dealers I wonder? The West, the world, and the cause of the environment would ALL be much better served if this money was instead spent on green energy research.

[Pliny]

Yay, just what we need. More money going into the pockets of dictators, mass-murderers, and incompetent thugs, who of course care nothing for the environment, nor the lives of their people. How much of this $100 billion is gonna end up in the hands of black market arms dealers I wonder? The West, the world, and the cause of the environment would ALL be much better served if this money was instead spent on green energy research.

While I agree with your general statement, do you have a list of the dictators, mass murderers, and incompetent thugs who care nothing about the environment whom I can contact and perhaps extort some money from?

[waldo]

Yay, just what we need. More money going into the pockets of dictators, mass-murderers, and incompetent thugs, who of course care nothing for the environment, nor the lives of their people. How much of this $100 billion is gonna end up in the hands of black market arms dealers I wonder? The West, the world, and the cause of the environment would ALL be much better served if this money was instead spent on green energy research.

past protocol agreements have had very rigid accountability and audit aspects written into them. By it's very prolific nature, are you anticipating lax oversight on the part of industrialized nations?

[Bonam]

While I agree with your general statement, do you have a list of the dictators, mass murderers, and incompetent thugs who care nothing about the environment whom I can contact and perhaps extort some money from?

How are you planning to extort money from dictators and thugs?

[Bonam]

past protocol agreements have had very rigid accountability and audit aspects written into them. By it's very prolific nature, are you anticipating lax oversight on the part of industrialized nations?

I am anticipating that money that goes to the third world will be poured down a bottomless drain, supposed oversight or no. Oh and audits themselves cost money. Yay we can waste money to pay people to tell us that money is being wasted. The money can be put to far better use right here at home, developing and deploying green technology (if environmental benefit is the goal). Do you have any idea of the kind of research that could be accomplished in a decade or two on a $100 billion budget? Or, if one is more concerned with the economy, the money could be not spent at all, so that already debt-laden Western governments don't incur even more of a deficit.

Edited December 12, 2010 by Bonam

[waldo]

Yay, just what we need. More money going into the pockets of dictators, mass-murderers, and incompetent thugs, who of course care nothing for the environment, nor the lives of their people. How much of this $100 billion is gonna end up in the hands of black market arms dealers I wonder? The West, the world, and the cause of the environment would ALL be much better served if this money was instead spent on green energy research.

past protocol agreements have had very rigid accountability and audit aspects written into them. By it's very prolific nature, are you anticipating lax oversight on the part of industrialized nations?

I am anticipating that money that goes to the third world will be poured down a bottomless drain, supposed oversight or no. Oh and audits themselves cost money. Yay we can waste money to pay people to tell us that money is being wasted. The money can be put to far better use right here at home, developing and deploying green technology (if environmental benefit is the goal) or, if one is more practical, it can be not spent at all, so that already debt-laden Western governments don't incur even more of a deficit.

notwithstanding your overt pessimism, you appear quite willing to forego any Western responsibility to assist developing countries in adaption/mitigation... we could head down the path of discussing industrialized countries 'outsourcing' their emissions to developing countries (anywhere from a third to a half of total emissions outsourced by many western countries). Is there a Western government atmosphere... one distinct from 'others'?

on edit: sp

Edited December 12, 2010 by waldo

[Slim]

Per Bonam's concern about wasting the $100 Billion:

Oversight is a legitimate worry, and I'm hoping that it will be well-regulated by the World Bank. But to automatically dismiss the fund as useless, or 'money down the drain' may be a little harsh. We're not throwing it all in at once, either. So, if there was obvious squandering and waste of assets, you can bet that developed countries will protest and refuse to continue to pay. The possibility of losing most or all of the $100 B seems remote, to me at least.

Now, your other argument is that this money should go towards research and developement of next-gen green tech. That's a good point, and possibly it would do more good in the long run. My counter-argument is the fact that we need to help developing nations work to curb emissions in the short-term, rather than let them industrialize the old, dirty way.

See, we can't very well tell the developing world they CAN'T try to achieve our standard of living. But we can't have them burn fossil fuels the same way we did - the atmosphere can't take it.

Hopefully, the $100 B will help to solve this problem. Will some of the money be wasted? Probably. But we have to do SOMETHING to mitigate emissions in the developing world, and starting sooner is better than later.

[waldo]

Per Bonam's concern about wasting the $100 Billion:

Oversight is a legitimate worry,...

yes, Cancun's COP meetings formalized the funding promises that had been agreed to at last years Copenhagen meetings... formalizing the establishing of the 'Green Climate Fund'... $100 billion a year by 2020. From the earlier linked (draft) agreement document:

Annex III

Terms of reference for the design of the Green Climate Fund

1. The Transitional Committee shall recommend to the Conference of the Parties for its approval at its seventeenth session and shall develop operational documents that address, inter alia:

a - The legal and institutional arrangements for the establishment and operationalization of the Green Climate Fund;

b - The rules of procedure of the Board and other governance issues related to the Board;

c - Methods to manage large scale of financial resources from a number of sources and deliver through a variety of financial instruments, funding windows and access modalities, including direct access, with the objective of achieving balanced allocation between adaptation and mitigation;

d - The financial instruments that the Fund can use to achieve its priorities;

e - Methods to enhance complementarity between the Fund’s activities and those of other bilateral, regional and multilateral funding mechanisms and institutions;

f - The role of the secretariat and the procedure for selecting and/or establishing the secretariat;

g - A mechanism to ensure periodic independent evaluation of the Fund’s performance;

h - Mechanisms to ensure financial accountability and to evaluate the performance of activities supported by the fund. to ensure the application of environmental and social safeguards, as well as internationally accepted fiduciary standards and sound financial management to the fund activities;

i - Mechanisms to ensure appropriate expert and technical advice, including from relevant thematic bodies established under the Convention;

j - Mechanisms to ensure stakeholder input and participation

[scribblet]

Yay, just what we need. More money going into the pockets of dictators, mass-murderers, and incompetent thugs, who of course care nothing for the environment, nor the lives of their people. How much of this $100 billion is gonna end up in the hands of black market arms dealers I wonder? The West, the world, and the cause of the environment would ALL be much better served if this money was instead spent on green energy research.

Exactly !! More ponzi schemes to kill the west

[GostHacked]

How are you planning to extort money from dictators and thugs?

You set up entities like the UN and the IPCC panels. Oh wait who are the dictators and thugs again?

[waldo]

Exactly !! More ponzi schemes to kill the west

oh nooooosssss! scribbler sees the "west killing"... 'New World Order Menace'... under her bed... in her closets. One can only imagine her frustration over the world's Western government's complicity in enabling and fueling her imaginative concerns.

[waldo]

You set up entities like the UN and the IPCC panels. Oh wait who are the dictators and thugs again?

shorter GostHacked: arrrghh! ... if only we had a Denier Rogue Nation ... arrrghh!

[Keepitsimple]

Cancun provided major discomfort for investors - with Kyoto on it's deathbed, there is not enough certainty to satisfy them. I think you will find that "Green" investments will start to taper off - probably starting in China where the jumped on the bandwagon early. The writing is on the wall for government subsidies to be cut back - and without the hand-outs, much of the Green Economy will fall flat. Green companies would be awash in red ink without government largesse. We'll have to wait and see how long the banks will stay in the game. Interesting times.

[waldo]

I think you will find that "Green" investments will start to taper off - probably starting in China where the jumped on the bandwagon early. The writing is on the wall for government subsidies to be cut back - and without the hand-outs, much of the Green Economy will fall flat. Green companies would be awash in red ink without government largesse. We'll have to wait and see how long the banks will stay in the game. Interesting times.

shorter Simple: "in my wildest wet dreams....."

[dre]

Exactly !! More ponzi schemes to kill the west

Any money the west has was borrowed anyways.

[GostHacked]

Any money the west has was borrowed anyways.

Follow the money ...........

[Bonam]

Any money the west has was borrowed anyways.

Yeah borrow money from China and throw it at Africa. What a great idea. I'd rather stay out of that particular scam myself.

[lukin]

Cold in Norway. http://wattsupwiththat.com/2010/12/03/norways-coldest-november-in-living-memory/

[Michael Hardner]

Weather.

[bloodyminded]

Sigh.