Businesses and investment analysts had preferred clear carbon targets to invest appropriately.
Rie Jerichow
Rie Jerichow
The Copenhagen Accord, agreed by major economies including the US and China, made a commitment to limit the rise in global temperatures to two degrees Celsius and raise 100 billion US dollars annually by 2020 to help developing countries fight climate change. However, the accord does not specify caps on emissions to achieve that objective. According to Financial Times, chief executives and business groups in Europe were particularly critical of the deal. "Much more" is needed, said Peter Voser, chief executive of oil and gas group Royal Dutch Shell , which has supported limiting emissions. "We ... recognize that the accord reflects a true political willingness to combat climate change. However, it remains unclear how this political willingness will translate into concrete steps." he said according to Financial Times.The role of businesses will be crucial in fighting global warming, with the private sector expected to provide the vast majority of investment needed. Particular the energy sector had called for clear carbon targets in order to invest appropriately, for example in power plants which may last for more than 40 years, Reuters reports. "Business needs a clearer sense of direction if it is to make the enormous investments needed to shift towards a low carbon economy ... The Copenhagen deal is a disappointment. We had hoped that an agreement in Copenhagen would have resulted in a global level playing field between industrial competitors worldwide. Until an agreement is reached which results in comparable efforts by industries worldwide the EU must maintain the measures foreseen to protect the competitiveness of European industry," said Director General Richard Lambert with the leading British business lobby CBI, according to Confectionerynews.com. Other business analysts cautiously welcomed a climate deal involving all the major economies for the first time in making commitments to curb emissions, cementing a global shift to a low-carbon world. "The implications for investment flows are very clear, we're irreversibly on a low-carbon path," said Abyd Karmali, head of emissions trading at Bank of America Merrill Lynch according to Reuters.
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Read more
Financial Times: Business chiefs hit at climate agreement
Reuters: Reaction to Copenhagen climate deal
Reuters: Investors give cautious thumbs up to climate deal
BusinessGreen: Copenhagen Accord - the reaction
Confectionerynews.com: Food industry attacks weak Copenhagen climate change deal
Cop15.dk: Big business waits for political decisions
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