- WEB EXCLUSIVE
- PE COFFEEHAUS
Many representatives did seem to have reached agreement on the need for developing nations to be included this time, but also for those nations to receive financial assistance toward that goal from wealthier nations. The disclusion of "developing nations" like China and India was a key disagreement that the Bush Administration alluded to when opting the United States out of the Kyoto Treaty in 2001.
A small group of countries threatened to block the deal, but the vast majority of countries elected to go ahead without them.
"This deal provides a solid foundation for international action, including emissions targets, a new financial mechanism and transparent reporting and review to assess countries' performance," said Jennifer Morgan, director of the World Resource Institute (WRI)'s Climate and Energy Program, in a press statement. "But more is needed to ensure a functioning legal instrument, and the ambition of the emission cuts still falls far short of what the science indicates. The agreement will need to be strengthened over time."
The political agreement has immediate operational effect, including the mobilization of finance from developed signatories, including the United States, toward helping the developing nations. These funds will amount to $10 billion annually from 2010 to 2012, increasing to $100 billion by 2020.