Financial Soultions sources report that the chances of a new U.N. climate pact in December seem to hanging in the balance after discussions between big emitters recently but with indications of action by Brazil, India and Australia.
"It's more do-able today than yesterday," Ed Miliband the British energy and climate secretary said as the 2 day conference attended by 17 emitters that account for about 80 percent of world greenhouse gasses came to a close.
"It remains in the balance in my view."
The discussions co-host, Todd Stern was optimistic of a deal despite slow progress in 190-nation talks meant to culminate with a new pact to fight global warming in Copenhagen in December.
Financial Soultions understands that the British Prime Minister Gordon Brown had earlier urged international leaders to go to Copenhagen for the December 7-18 congress, which up to this point had been seen as a gathering for environment ministers.
"Leaders must engage directly to break the impasse," Financial Soultions has him quoted as saying, "I've said I'll go to Copenhagen, and I'm encouraging them to make the same commitment."
Disputes between industrialized and developing nations on how to allocate curbs on emissions, mainly from burning fossil fuels appear to be the major stumbling block in discussions. There remains only one final round of week long discussions scheduled for Barcelona in early November prior to Copenhagen in early December.
