I'm thinking that they are trying to get a deal worked out on the big sticking points like greenhouse gas levels, china, etc and will then worry about how to finance this crap. They probably don't even know how they'll finance it. -Guru
"Meaningful Agreement" Reached on Climate: U.S., China, India and South Africa Reach an 11th Hour Accord, Official Says http://www.cbsnews.com/stories/2009/12/18/politics/main5996598.shtml After the first meeting between Mr. Obama and Wen, White House officials reported a "step forward" in negotiations in key issues including financing and transparency, reports CBS News correspondent Peter Maer. But the degree of progress was not immediately clear. -Guru
US, India China seal deal on climate change: http://ibnlive.in.com/news/us-india-china-seal-deal-on-climate-change/107388-2.html "The official also said that an agreement was also reached on a finance mechanism, with a "mitigation" target of 2 degrees Celsius." We need to find out what this agreement on a financing mechanism is... -Guru
White House Announces 'Meaningful' Climate Deal "Developed and developing countries have now agreed to listing their national actions and commitments, a finance mechanism, to set a mitigation target of two degrees celsius, and to provide information on the implementation of their actions through national communications, with provisions for international consultations and analysis under clearly defined guidelines,â the official said." http://www.nytimes.com/2009/12/19/science/earth/19climate.html?_r=1&hp So this makes it sound like each nation has to come up with their own finance mechanism? -Guru
ft.com had this to say about the agreement: "They will continue their work next year in the hope of having a legally binding document that can be signed by the end of 2010 and then ratified by national parliaments before the end of 2012. That is the expiry date of the main provisions of the Kyoto protocol, the worldâs only existing accord that binds countries to cut emissions, but which only applies to the rich world." Let me guess - they will start taxing immediately so they can pay for this later after it goes into effect? -Guru
'Meaningful' Climate Deal Said To Fall Short Of Goals. http://www.foxnews.com/politics/2009/12/18/obama-worlds-climate-change-hangs-balance-copenhagen/
I just read a copy of the draft and it really doesn't say much about the financing stuff other than what was reported earlier. I guess no mention of a transaction tax is good. I guess the goal is to turn this 'accord' into a legally binding treaty in the future. From what I read previouly the US Senate has to ratifiy any treaty with a 2/3 majority vote. That means it would take 67 Senators to vote for this (if I understand correctly). -Guru
he just said that they will not be legally bound by today. Also read an article that addressed that question and no under a climate bill of sorts the president can enter into a legally binding agreement in order to protect the stratosphere. http://www.tnr.com/blog/the-vine/does-obama-need-67-votes-climate-treaty-not-necessarily