Insights from Copenhagen: Crunch Time In Copenhagen

More than 110 heads of state are set to arrive in the Danish capital over the course of the next 48 hours to launch the final summit session. Several will speak to delegates today, including Ethiopian prime minister and Africa’s lead U.N. negotiator Meles Zenawi and British Prime Minister Gordon Brown.

It appears that on almost every point of contention, countries have drifted further apart since the conference began. That’s brought home by the latest draft agreement, which leaves, for later this week, pretty much everything that is controversial—how much to cut emissions by in each country; who will pay and how much; how to verify what other countries are doing on emissions; and, how to rectify any climate deal with international trade agreements.

China and the U.S. continue to exchange public barbs.  The U.S. and China are at odds over how much wealthy economies should pay poorer countries to deal with global warming, emissions-reduction goals and how to ensure that countries live up to their pledges to curb climate change.

President Obama is feeling the heat back home too—more than two dozen of the United States’ most prominent manufacturers, utilities and technology companies.  Yesterday, they sent a letter to Obama urging to take a leadership role when he arrives in Copenhagen on Friday and to secure an aggressive international climate agreement.

“This agreement has to include significant near- and long-term emissions reductions targets and strong finance provisions, with a substantial commitment of new long-term finance from developed nations, including the United States,” the companies write.

The letter’s signers include Nike, Dow Chemical, Microsoft and Ingersoll Rand, as well as power providers Northern Grid, PG&E and PSEG. They stress the importance of an international climate agreement for leveraging private investment — a point made repeatedly by investor groups at the Copenhagen conference — and for spurring Congress and governments worldwide to give businesses the regulatory certainty they need to plan ahead.

The letter also states “We must put the United States on the path to significant emissions reductions, a stronger economy, and a new position of leadership in the global effort to stabilize our climate. The costs of inaction far outweigh the costs of action. Our environment and economy are at stake.”

In addition, the group calls for an agreement on technology transfer that is careful to protect intellectual property rights while also providing clean technologies and manufacturing know-how to start poor countries on a low-carbon path to development.

Gordon Brown said in remarks earlier today that there is a potential breakthrough on one of the key sticking points between rich and poor nations.  In a press conference expected later today, Ethiopian Prime Minister Meles Zenawi is expected to discuss details of a compromise from poor countries that could offer an agreement on long term financial commitment to help poor countries adapt to the effects climate change is having on their countries.

With heads of state descending on Copenhagen, the negotiations are reaching crunch time.