US President Obama had sank hopes of a Copenhagen
success when he declared last week that the meeting was
not likely to result in a binding agreement. Surprisingly,
this week brought two very important “changes of heart”
in two of the main players at the negotiating table. On
Wednesday, President Obama announced that not only
he will participate to COP 15 but that he will put on the
table a 17% reductions from 2005 levels by 2020, the
reduction target included in the Kerry-Boxer Bill but not
yet approved by the US Parliament. On the following day
it was the turn of China, whose proposed voluntary target
is a reduction in the carbon intensity per unit of GDP by
40-45% by 2020 on 2005 levels. This goal is likely to be
part of a nationally-binding 5-year plan following the
current one, in which the 10% increase in energy
efficiency by 2010 will likely be over complied with.
Although Obama will attend the conference during the
first week, before the high-level meetings, his presence is
already boosting up enthusiasm around the conference.

 Emission Trading Monitor

• This news is extracted from the Emission Trading Monitor : a CMCC weekly column that summarises the latest news on international climate change agreements, the updates on the carbon market and the energy and technology updates in the realm of climate change. Go to the web page and see all previous issues since March 2007.
• This week: European Commission sets up a climate department, Croatia banned from international emission
  trading, US and China announce targets for COP 15, gearing up for Copenhagen, India-US clean energy
  cooperation, and, as usual the situation of the Carbon Market – Download the 23-27 November, 2009 Newsletter [pdf – 156 Kb]