Good News From Copenhagen

Disaster avoided! The Copehagen Climate Change Summit drew to an uneasy close tonight with negotiators only able to secure a non-binding agreement between the developed and developing nations and avoiding economic costs in the trillions.

President Obama said that a “fundamental deadlock in perspectives” had overshadowed the negotiations. He said that a climate deal had been reached with India, China and South Afrrica, but admitted that it was not enough to fight global warming. He added: “We have much further to go.”

The document (or what is left of it) did not include any specific emissions reduction targets or (at the Chinese request) any mechanisms for verification of emission reductions.

Commenting on the draft Copenhagen Accord, the Greenpeace climate campaigner Joss Garman said tonight: “This latest draft is so weak as to be meaningless. It’s more like a G8 communiqué than the legally binding agreement we need.”

    If Greenpeace hates it, The Pulse loves it!!

The lack of movement in Copenhagen will not help Cap & Trade legislation currently stuck in the Senate. Sen. John Kerry, D-Mass., warned about that possibility two days ago when he first arrived in Copenhagen, saying that without a solid deal it would be “exceedingly difficult” to persuade fence-sitting lawmakers to get on board with the kind of emissions-curbing legislation that passed the House months ago.

William Yeatman, energy policy analyst with the Competitive Enterprise Institute, said the Denmark conference will unquestionably be a “boost” to opponents of the climate legislation and a ready excuse for moderates unsure about the package in the first place.

“It makes it easier for certain senators to say, ‘Well if this can’t occur globally, why should this proceed domestically?'” Yeatman said. “Absent a multilateral treaty, unilateral action is futile.”

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