Hang Together or Separately?

How global co-operation is key to a fair and adequate climate deal at Copenhagen

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Summary

Climate change offers humanity no second chances. An agreement struck at the UN climate conference in Copenhagen in December 2009 could pave the way for a post-2012 climate regime that staves off catastrophic global warming. Delay or failure will certainly multiply the costs of responding to its negative impacts – costs that are already being borne by poor people.

Rich countries must reduce greenhouse gas emissions first and fastest. But whilst deep emissions reductions in rich countries are still critical, climate security will now be won or lost as a result of co-operative efforts in which rich countries finance large-scale emissions reductions in developing countries.

Establishing a Global Mitigation and Finance Mechanism can achieve these reductions while respecting principles of equity and delivering tangible development gains for poor people. This must be a centrepiece of the Copenhagen deal.

Key recommendations from this paper:

• Copenhagen must deliver a fair and adequate climate deal: one that keeps global warming as far below 2°C as possible.
• Annex I countries must agree binding individual country targets that cut greenhouse gas emissions to at least 40 per cent below 1990 levels by 2020.
• A UNFCCC Mitigation and Finance Mechanism must be established to match mitigation actions from developing countries with the required finance from rich countries.
• Annex I countries must agree to provide sufficient funding for capacity-building, mitigation and adaptation, through the purchase of their Assigned Amount Units (AAUs) from the UNFCCC Mitigation and Finance Mechanism.

Oxfam International Briefing Paper

Authors: Antonio Hill, Senior Policy Adviser, Julie-Anne Richards, Climate Change Advocacy Co-ordinator, and Richard King, Researcher, Oxfam GB.

Publication date: 22 June 2009