FinSoul: What’s next for the Copenhagen Accord after January 31?

Feb. 9, 2010 - PRLog -- FinSoul sources have reported that emission targets have been submitted to the UN, meeting the January 31 deadline, by countries which account for over two thirds of the globes total carbon emissions, in line with the first phase of last years Copenhagen Accord.

Among the submissions are the globes top emitters, the U.S. which stuck to its pre- Copenhagen Summit pledge of 17% on 2005 levels by 2020, and China, which pledged a more ambitious 40 to 45% on 2005 levels by the same date.
Other large emitters involved where the EU, Japan, Brazil and South Africa.

The big emitters were joined by a host of developing nations who provided their detailed plans for combating climate change, including, Ethiopia, Maldives, Sierra Leone and Singapore.

FinSoul believes that two of the largest emitters, Russia and Mexico, failed to meet the deadline. The UN was quick to highlight that the deadline was a soft deadline and that it expected more submissions to be made later on. Russia’s commitment to cut emissions by between 15 and 20% on 1990 levels by 2020 was added to the official document on the morning following the deadline.

Scientist and researchers were however quick to point out that the new emissions targets submitted fell well short of what was needed.

A recent study by consultancy firm PricewaterhouseCoopers showed that the current pledges made to the Accord will amount to a 4 GtCO2e below business as usual levels by 2020, leaving a significant shortfall of 16 GtCO2e by 2020, the amount required, FinSoul understands, to avoid the worst effects of global warming and climate change according to scientists.

Diplomats expressed optimism that the pledges could provide a framework for a more ambitious deal going forward.

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FinSoul structures and guides greenhouse gas emission reduction projects from beginning to end, working with both project developers and buyers of emission reduction credits.