Copenhagen, Day 5

From Friday in Copenhagen…

…I’m leaked a text of a recent negotiating draft released by the chair of one of the two main negotiating tracks. It’s been leaked so widely that some journos think it has been officially released, and they complain to Yvo de Boer in the press conference that they’re not being given it at the documents counter. “Someone here is getting very good at leaking, then.”

Argentinean delegates at a conference plenary.

The document fleshes out ambitious commitments on emissions reductions, but brackets signal text yet to be agreed on. Filling in those brackets is the work of next week. And the language on money, which I think is the biggest obstacle to a deal, is vaguer still, not so much because it is in brackets, but because the rich and poor countries are orders of magnitude away from each other. The rich are talking about $10 billion a year until 2012. The poor want “predictable, guaranteed” money in the hundreds of billions, starting soon. Private investment, leveraged and guaranteed by public money, will be a huge part of it. The poor countries don’t want hot investment money; they want guaranteed transfers…

The Pulse is providing readers with a daily snippet of The Economist’s correspondent diary. You can find past updates from the conference diary here. Please visit The Economist for the full text of the diary and extended coverage of the conference.

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