Finally, today the last day of all COP16 negotiations and talks has not been an utter loss. The results of the talks is a full accord that will combat global warming which also includes the creation of a Green Climate Fund (Global Climate Fund) to benefit developing countries. 190 countries have agreed on a new international body that will be working under the supervision of the World Bank for the intial first three years. The fund will be funded with USD$100 billion by 2020.
Implementation of REDD+ was established for reforestation and preservation of the worlds forests and jungles whilst safeguarding the rights and biodiversity of indigenous peoples. The President of Mexico, Calderon also said that he will set up a new Central Research Centre on Sustainability of his own accord. There was also a new type of cooperation of global shared responsibility between nations regarding the targets of climate change and global warming.
Governments also acknowledged the gap between current weak pledges to cut greenhouse gas emissions and what they should be doing. They have stated that cuts need to be inline with the science meaning 25 to 40 percent cuts on emissions by 2020. They also recognised that they must keep the global temperature rise below two degrees. Not only this but the Kyoto Protocol has been reaffirmed.
The accord was announced after a an all-night session with persistent objections from Bolivia who opposes any market role in the fight against climate change. Russia, Japan and the United States also had negative impacts on talks throughout COP16. Russia and Japan were being uncooperative with decisions regarding the continuation of the Kyoto Protocol.
Despite all this there is still no new globally binding agreement though parties would still like to continue working to make one . They are hoping to reach an agreement by next year in Durban, South Africa for COP17.
Today there was important progress forwards in establishing a Global Climate Fund, Climate Finance, Adaption, Technology Transfer, Transparency as well as Reforestation.
The Green Climate Fund will help poorer nations and developing countries in adapting to climate change and to begin on cleaner development.
COP16 has had to be the most successful COP event so far. We have already accomplished so much but there is more yet to be done and it is now time to see the accord put into action.