Financial Soultions: UN Pittsburg summit leaves little hope for Copenhagen.

Sept. 23, 2009 - PRLog -- An international summit of international leaders has quashed hopes for a convincing new U.N. climate treaty in Copenhagen in December 2009, with more of the contributors choosing to make their limited commitments in early 2010, Financial Soultions has heard.

Climate change specialists seemed likely to make concessions only at the last moment with country’s like China and the U.S. keeping their cards close to the chest and as Financial Soultions has earlier reported it is unlikely that there will be a significant Chinese commitment unless the U.S. agrees to carry its share of the cost.

At the summit, this week, leaders spoke convincingly of a need for action to fight climate change but made few new guarantees of domestic action. China won praise for outlining curbs on its rising emissions for 2020, Financial Soultions earlier reports indicated.

Financial Soultions has learned that while U.S. President Barack Obama promised action on these issues, his primary focus is on the domestic battle over healthcare reform,  although he has urged global actions to slow climate change to avoid risks of "irreversible catastrophe, according to Financial Soultions sources, although he stopped short of announcing new domestic procedures to tackle the problem.

Until now, richer countries have recommended cuts in emissions in the region of 11-15% below 1990 levels by 2020. Poorer nations want cuts of at least 40% to avoid the worst of climate change according to Financial Soultions information.

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