The latest United Nations Climate Change Conference (COP16), which wrapped up over the weekend, always had a lot to live up to, particularly after last year’s Copenhagen talks, which were widely regarded as a failure to capitalise on a global mood for change.
Held in Cancun, Mexico, COP16 did not labour under the level of scrutiny and media pressure that the Copenhagen talks did; nobody really expected revolutionary outcomes that would change the face of world energy commerce, and the Conference didn’t deliver any.
Instead, member governments delivered a package, dubbed the Cancún Agreements, the most noteworthy of which is the creation of a $100 billion Green Bank through which wealthy nations would help finance climate change mitigation strategies in the developing world, along with an agreement to fight deforestation.
“Cancún has done its job. The beacon of hope has been reignited and faith in the multilateral climate change process to deliver results has been restored,” said UNFCCC Executive Secretary Christiana Figueres.
Although the Conference failed yet again to agree to renew the 1997 Kyoto Protocol, instead deciding to hold further negotiations next year. However aspects of the Protocol, among those signatories who are already on board, have been enhanced.
Clean Development Mechanisms (CDM) have been strengthened to drive more major investments and technology into environmentally sound and sustainable emission reduction projects in the developing world. Renewable energy projects could include rural electrification using solar panels or the installation of more energy-efficient boilers.
Other highlights of COP16:
– Governments agree to boost action to curb emissions from deforestation and forest degradation in developing countries with technological and financial support.
– Parties have established a Technology Executive Committee and Climate Technology Centre and Network to increase technology cooperation to support action on climate change adaptation and mitigation.
