THE DOHA TALKS, BUSINESS, AND THE NEXT THREE YEARS

Doha climate talks signal to business that progress is still too slow; UN climate talks in Doha saved the Kyoto Protocol – but that isn't enough…

Yvo de Boer, 12 December 2012 (UK Guardian)

“If there is one word that sums up the achievements of the recent UN climate talks in Doha, it is "modest"…[T]he most important outcome is the continuation of the Kyoto protocol, the legally-binding global agreement [due to expire at the end of 2012] under which some countries had agreed to reduce their carbon emissions…[through] carbon trading and market-based mechanisms…

“Delegates in Doha managed to agree a second period for the protocol until 2020 – albeit with a smaller group of countries involved, including the EU and Australia, but not Canada, Russia or Japan…[which] account for only 15% of global emissions…[This] provides ongoing policy direction to businesses…[and] carbon trading and market-based mechanisms in place…[T]he world is inching towards a global carbon market. Australia's trading system is due to link with the EU's in 2015 and there is talk of further links to come potentially involving China, South Korea and others…”

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“…[T]he Kyoto protocol will now run until 2020…[and] complete at the same time as a new global deal on emissions reduction…We still have no real idea of what form that deal will take…Doha did nothing to improve clarity around this but it did at least set out a timetable for working towards the new deal, which is supposed to be agreed by the end of 2015…The signals to business are that we are still heading, slowly, towards some sort of global agreement on climate action…[involving] all countries, including the high-emitting emerging economies such as China and India that were not part of the Kyoto protocol…

“…Organisations such as the World Bank and the International Energy Agency are making it quite clear that we are on course for temperature rises of 4C or more by the end of the century…[Doha recognized] the need for greater ambition…[The] review of the long-term temperature goal…due to complete by 2015…can feed in to the final decisions on the new global deal…[There will be UN-led] high-level talks in 2014…[and] the Intergovernmental Panel on Climate Change, is due to publish its next reports in 2013 and 2014…[T]hat report might just create the political momentum needed…”

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