The 20th Climate Change Conference (COP20) concluded in Peru on 14 December. More than 190 countries, despite the complexity of negotiations, reached what has been labeled a watered-down agreement to combat climate change in the sense that the global agreement was not blocked, and that a door has been left open to continue working on the unfinished issues.
- For the first time, an agreement was reached in which all countries will specify their objectives, if they are ready, and they will submit their CO2 emissions information by March 2015 (Intended Nationally Determined Contributions).
- A controversial issue which affected negotiations between developed and developing countries was the Common But Differentiated Responsibilities (CBDR). COP20 was unable to define how the emissions reductions would be distributed among the countries. This issue will be addressed at COP21 in Paris.
- The agreement reached is in line with the work that began at COP17 in Durban. The focus in Lima was more global and did not address individual countries' development. Unlike the Kyoto Protocol, which involved developed countries only, this is an inclusive agreement that applies to all countries.
- Funding for the Green Climate Fund slightly exceeded the target, reaching 10.2 billion dollars. The fund will enable developing countries to apply a range of technologies to combat climate change. There are also plans to roll out a Private Sector Facility in 2015 to ensure that private sector entities can be accredited and access the fund.
- The implementation of a new framework for Measurement, Reporting and Verification. The first Multilateral Assessment was held in Lima, providing greater transparency for actions by developed countries, as they can compare their degree of compliance with the emission reduction goals.
Not much progress was achieved in the main line of negotiations; discussions continue to be hampered by issues of fairness, and the main text, which was promising at first, was devalued by the time an agreement was reached. There are issues pending resolution, but a global agreement was reached for the first time.
Below are other interesting summaries of the Lima Climate Change Conference: