Unless governments cut subsidies for fossil fuels and adopt new policies to support renewable energy sources, the Copenhagen Accord to hold global warming to less than a 2-degree increase will not be reached.
China will drive rising energy consumption and carbon dioxide emissions over the next 25 years, says Fatih Birol, chief economist of the International Energy Agency. But it will also lead the way in new sources of renewable energy.
Uncertainty about the global economic recovery means that the market is unusually unpredictable right now.
Even though legislation fell to defeat, Friday’s debate marked the first time a majority backed a cap on carbon emissions.
In 2008, expect developing nations to play a more active role in negotiations for the post-Kyoto Protocol period.