U.N. climate meeting commits to combat global warming

Warsaw – Around 195 countries ended a two-week meeting in Warsaw  to agree the outlines of a deal meant to be agreed in 2015 to combat global warming.
Following are some of the main decisions:
FINANCE
Developed nations promised in 2009 to increase their aid to poorer countries to help them cope with climate change to $100 billion a year after 2020, from $10 billion a year in 2010-12. But in Warsaw they rejected calls to set targets for 2013-19.
A draft text merely urged developed nations to set “increasing levels” of aid, to be reviewed every two years.
LOSS AND DAMAGE
The talks agreed a new “Warsaw International Mechanism” to provide expertise, and possibly aid, to help developing nations cope with losses from extreme events related to climate change. The exact form of the mechanism will be reviewed in 2016.
PATH TO A 2015 DEAL
Countries agreed to announce plans for curbs on greenhouse gases beyond 2020 “well in advance” of a summit in Paris in December 2015 and “by the first quarter of 2015 for those in a position to do so”.
It called the submissions “intended nationally determined contributions” – the word “intended” hinting they are open to change. Many developed nations had wanted the word “commitments”.
PRE-2020 AMBITION
The conference did not outline new targets for more near-term action to reduce emissions. Japan announced during the conference it had scaled back its 2020 target, aiming now for a 3.1-percent increase from 1990, compared to its previous promise of a 25-percent cut.
MARKETS
Talks on how to set up new market-based mechanisms to curb emissions failed because developing nations refused to advance the process unless rich countries take on tougher emissions targets. Talks will resume in the first half of next year.
MONITORING
Details were finalised on how countries’ emissions reductions will be monitored, reported and verified.
CLEAN DEVELOPMENT MECHANISM (CDM)
The conference agreed on a measure that could boost demand for the ailing mechanism, encouraging countries without legally binding emissions targets to use carbon credits called Certified Emission Reductions (CERs).
A proposal to implement a floor price for CERs was removed from a technical paper while a wider review of the CDM by a technical board was pushed to talks in Bonn in March 2014.
DEFORESTATION
The conference agreed a multi-billion dollar framework to tackle deforestation. The fledgling Green Climate Fund will play a key role in channelling finance for projects to halt deforestation to host governments, who in turn must set up national agencies to oversee the money.- Reuters