Day five of climate talks at Poznan concluded here today, with further insights to potential architecture of the Copenhagen agreement. The World Business Council on Sustainable Development (WBCSD) highlighted the significant contributions business has to make, through governments, in providing inputs on appropriate sector actions, goals and activities to develop sectoral “satellite” agreements.
These would be supported by 5 key pillars – namely clean technology funds, supporting mechanisms, carbon market infrastructure, measurable, reportable and verifiable activity; and adaptation funds; designed to leverage capital funds to implement large scale sectoral agreements with significant project activity.
Whilst debate arose on the level of emissions reduction, WBCSD highlighted its role in bringing a business perspective to scale of emissions reductions needed, instead of advocating percentage reductions. Panel discussions concluded that sectoral agreements could present a transitional approach to stimulate greater efforts in emissions reduction activities.
Whilst the framework presented by the WBCSD presents a package of instruments to address the issues raised at Bali, just a few key decisions could provide the momentum required for a successful agreement at Copenhagen. Significant goals could still be achieved outside of the UNFCCC framework through a mandate offered by the Agreement, but discussions between US and China could be pivotal to negotiations. Watch this space..