Cancun Agreement – What lies ahead?

Posted on December 14, 2010 by

The Cancun agreements have become a part of UN’s climate change process given that Bolivia was the only country opposing the final documents. The eagerly awaited agreement has made clear progress on a number of areas. The most anticipated progress was the one aimed at reduced deforestation and forest degradation, known as REDD+. It is a formula for action on the loss of forests in the developing countries, some of which is to be paid by the developed world in various ways.

As outlined in the Copenhagen accord,  new fund has been featured in the Cancun agreements for climate finance. This will benefit from some of the $ 100 billion ‘long term finance’ by 2020 once agreements to channelize start getting finalized between the developed and the developing countries. This fund however is not directly under the control of the parties to the UNFCCC and shall be run by an independent board, for which the World Bank is a trustee. The exact mechanism and role is yet to be defined.

The most appreciated part of the COP16 is the fact that the parties have been able to reach on agreements on a number of areas including a framework on adaptation, a program on technology transfer, an associated new technology executive body and more. Some of these may develop into full-fledged working areas while others may not, but the agreements have created in principle more ways of actually doing things.

Second commitment period for Kyoto Protocol commitments remains an area concern with economies of BASIC insisting on it and countries such as Japan, Russia and Canada steering clear of it, questioning its relevance given that two largest emitters US and China are not bound by it.