Copenhagen - a glass half full, says DB Research
Deutsche Bank Research has issued a paper that looks at the outcome of the recent United Nations Climate Change Conference in Copenhagen.
The report says "the glass is half full", and admits that while the Copenhagen Accord has disappointed many observers, particularly as no legally binding agreement was reached and that no specific reduction targets were agreed on.
Deutsche Bank Research comments: "Still, the Accord addresses many crucial elements of a framework for tackling climate change. The greatest near-term risk stemming from the Accord concerns the future of carbon markets. In order to reduce uncertainties it is necessary to make quick progress on both carbon market reform and financing of international mitigation projects. Many countries have embarked upon their own climate policies. The Copenhagen Accord does not end these policies or slow down the momentum that was gained in the run-up to Copenhagen. The weeks ahead will of course reveal countries' willingness to register ambitious policies and thus keep up the momentum."
The report adds that building trust is crucial and that future conferences may want to break down the discussion into smaller, still complex topics, for example by separating mitigation and adaption issues.
To see the report in full, click here.
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