The gloomy start to the UN Copenhagen climate summit began with global officials playing down the likelihood of a binding deal being reached before even stepping in the conference centre. After three days, a binding deal still looks just as unlikely.
Hopes are still being pinned on the Copenhagen conference that a global consensus can be reached on reducing human greenhouse gas emissions. Hopes were, however, dashed further after press leaks of a memo between industrialised nations appeared to suggest they should be allowed nearly double the emissions of developing countries.
The next best solution would be a political agreement which could translate into a binding international agreement by next year’s meeting in Mexico.
Your emissions allowances will depend on your wealth. If you are a wealthier country, simply buy carbon derivatives to offset your emissions and effectively increase your allowance. It’s going to be great for the banks! Carbon offset trading will be bigger than oil trading by 2020. Think of all the trading commissions – another great way of converting funds in the real economy to yummy bonuses for bankers’ pockets.