It was agreed that Kyoto will be extended the end of 2017 (it was scheduled to end in 2012). Secondly, a legally binding treaty will be decided by 2015, through the process called the Durban Platform for Enhanced Action, that will be "applicable to all Parties to the UN climate convention". There will be more transparency in the actions of all countries. Thirdly a fund, the Green Climate Fund will channel up to $100 billion by 2020 to poorer nations.
the 195 members of the United Nations Framework Convention on Climate Change agreed that this regime will be finalised by 2015 and that emissions will be cut no later than 2020. Negotiations will be difficult, as indicated by the fact that Canada, United States and Japan have decided not to participate in the extended Kyoto agreement, until and unless China and India and other large emitters make their own committments. Canada has also refused to provide any new money for the Fund "until the recepients committed to targets and transparent reporting of their efforts"The Ref/Con government played their hands, trying derailing and delaying tactics , and they have gotten 4 years to play around with. The develpoment of the Tar Sands is their major concern. The Tar Sands will be developed, there is no stopping it. The United States, China have a voracious appetite for fossil fuels and this will continue to grow and thus they will want to see its development. What must be addrssed is the amount of damage that this will have on the environment and how to limit that damage.
Durham achieved a small victory. This must be built on.
26 of the 27 nations of the Euro zone have agreed to a more integrative economic union. The only holdout is Britain, and they risked being isolated. The British want to protect the London financial centre by having a veto on a proposed financial tax, but the others did grant this and so in a huff Cameron,who was described as a "clumsy"negotiator by a senior Eurpoean diplomat, decided against joining the others. He was immediately criticised by his coalition partner deputy prime minister Clegg and this may jeopardised his government.
The new pact call for national budget deficit to be below 0.5%. Also there will ne automatic penalties for those who exceed the 3% debt ceiling and must report how much debt they plan to take on through bond sales. A new permenent bailout fund, to be called the European Stability Mechanism will take over the current rescue fund in July 2012. Finally, the most significant new element of the agreement is a green light for the euro area to provide the IMF with up to 200 billion euros
($268 billion) to help debt-ridden members. Germany's Merkel and France's Sarkozy have bet their political future on this "new beginning'. Both are facing elections next year and they both need a boost as they are sagging in the polls. This is not a done deal as some of the 26 have to hold a referendum . The next three months are crucial. Sarkozy was elated. Merkel was cautious and Cameron was stunned (once he said he was out, it took mere minutes for the other 26 to agree) One EU diplomat summed up the outcome this wat "Britain seethes, Germany sulks, and France gloats"