Failure of COP15 is likely to result in “insufficient financing of low emissions projects” such as renewable energy and slow down the battle against global warming, Frost & Sullivan warns.
Some countries have already stated plans to further reduce their emissions; however, nearly all of these plans are contingent on reaching an international agreement. Japan pledged to cut 25% of its emissions below 1990 if an international agreement is reached at COP15. The EU countries committed to cut 20% with a gradual increase to 30% subject to an international accord. Pledges from the US and China are crucial for such an agreement, as their decisions will motivate other countries to commit to higher targets, the analyst says.
Last week the US announced its intention to cut emissions by 17% below 2005 – a mere 3% reduction from 1990 levels. Shortly after this, China announced its plan to cut emissions by 40-45% below 2005, meaning that China's emissions will still grow along with the country's economic development
"The commitments made by the world leaders in Copenhagen will define the future climate change policy as well as offer more certainty to the private sector over their present and future investments," says Frost & Sullivan Renewable Energy Analyst Zeinegul Hassan.