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♤ A legally binding agreement could not be arrived n CoP 15, Copenhagen mainly due to discord between developing and developed nations.
♤ The summit concluded with the CoP taking a note of Copenhagen Accord ( a five nation accord- BASIC and US).
♤ The Copenhagen Accord is a non-binding agreement.
♤ The Accord states that deep international emissions cuts are needed to hold the increase in global temperature to under two degrees Celsius.
♤ Under the Accord, developed countries agree to set targets for reductions in their greenhouse gas emissions by 2020.
♤ Developing countries agree to pursue nationally appropriate mitigation strategies to slow the growth of their emissions, but are not committed to reducing their carbon output.
♤ Recognizes the need to establish a mechanism (including REDD-plus) to enable the mobilization of financial resources from developed countries to help achieve this
♤ Developing countries, specially these with low-emitting economies should be provided incentives to continue to develop on a low-emission pathway
♤ Agrees that developed countries would raise funds of $30 billion from 2010-2012 of new and additional resources
♤ Agrees a “goal” for the world to raise $100 billion per year by 2020. New multilateral funding for adaptation will be delivered, with a governance structure.