Copenhagen commitments

by John Quiggin on November 29, 2009

While Australia has been transfixed by the meltdown of the Liberal (=conservative) party over climate change, there have been a string of positive developments around the world, which make a positive outcome from Copenhagen, leading over the next year to an intermational agreement to limit greenhouse gas emissions, much more likely than it seemed two years ago, or even six months ago. Among the most important developments

* Obama’s commitment to a 17 per cent (rel 2005) target, which essentially puts the Administration’s credibility behind Waxman-Markey
* China’s acceptance of a quantitative emissions target, based on emissions/GDP ratios, but implying a substantial cut relative to business as usual
* The change of government in Japan, from do-little LDP to activist DPJ
* EU consensus on the need for stronger action
* Acceptance of the principle of compensation for developing countries, and acceptance by countries like India that they should take part in a global agreement and argue for compensation
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