After days of tense negotiations the delegates at the UN Conference on Climate Change in Doha, were able to reach a deal on a package of agreements, as well as extending the Kyoto protocol until 2020.
Kyoto is still the only legally binding agreement on green house gas emissions. The nations who are signed up to Kyoto produce 15% of the total green house gas emissions. The protocol locks in only developed nations, excluding major developing polluters such as China and India, as well as the United States which refuses to ratify it.
The major stumbling block was over climate funding for poorer nations. Delegates agreed that developed countries would increase their contributions from $30 billion in 2010-2012, to $100 billion (76 billion euros) per year by 2020. The fund will be used to help poorer nations deal with the impact of climate change, and switch to greener energy sources.
http://www.telegraph.co.uk/earth/environment/climatechange/9732563/Doha-2012-Ed-Davey-agrees-to-modest-climate-deal-costing-Britain-billions.html
Today’s Telegraph is reporting that this will cost us BILLIONS.