Copenhagen Shakeout

Well, the finger-pointing has indeed begun, with British Prime Minister Gordon Brown blaming China and a few other countries for blocking progress on a new treaty to combat climate change.

He called for a reform of the United Nations negotiating process before talks resume in Germany next summer. 

"Never again should we let a global deal to move toward a greener future be held to ransom by only a handful of countries," he said. (Reuters reporting)

Meanwhile, China has said it will continue to pursue its own goals for reducing greenhouse gas emissions and reflected the criticism back at developed nations. 

Tuesday, Foreign Ministry spokeswoman Jiang Yu said China made strong efforts to push the Copenhagen meeting along what it thinks is the "right track." She said that developed nations should "reflect on their own behavior," suggesting they did not honor their commitments under the Framework Convention. (Voice of America reporting)

Carbon prices in the European Union’s Emissons Trading Scheme fell almost 9% on Monday, following the uncertain results of Copenhagen. 

"With the selling of surplus EUAs by industrials in early 2010 already a real possibility before the outcome of Copenhagen was known, we would not now be surprised to see sustained EUA price weakness through to the middle or end of February 2010," Mark C. Lewis, an analyst at Deutsche Bank told Reuters.

But business leaders are putting a positive spin on Copenhagen, according to the New York Times. They say the major achievement is that China and India are discussing formal targets for limiting industrial greenhouse gas emissions.

"The opportunity to make incredible amounts of money by developing the next battery or a more efficient solar panel, there’s a huge payback," Mike Richter, a partner at the New York-based private equity firm Environmental Capital Partners, said.

This sentiment was echoed by by Thomas Friedman in his New York Times Op-Ed on Sunday: "An Earth Race led by America–built on markets, economic competition, national self-interest and strategic advantage–is a much more self-sustaining way to reduce carbon emissions than a festival of voluntary, nonbinding commitments at a U.N. conference."

For a detailed examination of "What Was Agreed And Left Unfinished In U.N. Climate Deal," read the story below.

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