While the heads of state have provided a basis towards the development of a meaningful agreement – particularly by providing about $30 billion of “fast start” funding for 2010-2012 for vulnerable developing countries and committing to mobilizing $100 billion a year by 2020 – a lot more remains to be done in 2010 to deliver a robust, legally-binding post-2012 framework agreement.
“Business is seeking predictability to help plan its future global investments and the Copenhagen Accord has started that process,” said ICC Secretary General Jean Rozwadowski. “But there is major work ahead in setting out detailed elements, in particular those aimed at making the monitoring, reporting and verification processes operational.”
Throughout the two week meeting of the UN Framework Convention on Climate Change (UNFCCC) in Copenhagen, business has contributed ideas and solutions at events like the Copenhagen Business Day and Bright Green Exhibition to address the climate challenge.
Business has already taken substantial action to reduce greenhouse gas emissions and will continue to increase its efforts. It is the most important innovator and investor in clean technologies and can do more if provided with clarity, predictability and flexibility through a global framework agreement. The Copenhagen Accord allows for the use of markets which will help provide cost-effective means to intensify our actions and contribute to meeting the new commitments.
“Going forward we feel there is a greater need than ever for business to work with governments to help rapidly advance the decisions to establish the terms and procedures that will give business the predictability that it requires,” said Mr Rozwadowski. “We hope to see the creation of more innovative ways for the UNFCCC to benefit from business expertise and actions.”