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GLOBAL REGULATION EVENTS

The 2010 United Nations Climate Change Conference was held in Cancun, Mexico, from november 29th to December 10th. last year’s talks in Copenhagen only delivered a weak array of voluntary mitigation and financing pledges that were not endorsed as a COP (Conference of the Parties) decisions. However, in Cancun, the parties adopted formal decisions in key fields as climate finance, technological transfer and adaptation.

A major achievement was the establishment of a new climate fund under the UN Convention. This new Green Fund will be managed by the World Bank with an aim to allocate funds to developing countries for climate aid.

Another important step forward was the recognition, in a formal un decision, of the mitigation pledges agreed in Copenhagen (this is, the confirmation of the target of limiting temperature rises to less than 2°C compared to pre-industrial levels). The parties have also agreed to the “Monitoring, Reporting and Verification”, which is a necessary step to verify the progression of the emission reductions under a transparent process. This is very significant sine a global emissions deal has always been stalled by the lack of understanding regarding this topic between uS and China. With this agreement, there is groundwork for future negotiations.

The parties also supported the continuation of the Clean Development Mechanism (CDM) after the expiration of the Kyoto protocol (December 31st 2012) and included for the first time Carbon Capture Storage (CCS) under its reach. additionally, the agreement includes the framework for REDD+, a mechanism for forestry protection. However, a post-Kyoto agreement has still to be reached, as Japan, russia and Canada firmly opposed to a second commitment period. Negotiations however will continue in Durban, South africa, in 2011.

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