Timetable and Scope of Binding Negotiations
The European Union, Japan, Canada, New Zealand and Russia agreed to negotiate a second round of greenhouse gas emission reductions under the Kyoto Protocol, which would take effect in 2012. Among developed nations, only Australia, the United States, Lichtenstein and Monaco will not participate.
Timetable and Scope of Nonbinding Negotiations
Representatives from nearly 200 parties to the U.N. Convention on Climate Change, including the United States and Australia, will begin "open and nonbinding talks" on how to address climate change without formal negotiations on mandatory cuts in greenhouse gas emissions. Workshop participants will report back late next year and in late 2007 on their progress.
Between 1 percent and 2 percent of funds spent on renewable energy projects under Kyoto will go to helping countries adapt to the effects of global warming by, for example, building sea walls, relocating communities affected by climate change and constructing water-conservation projects.
A coalition of rain-forest nations, including Papua New Guinea, Brazil and Costa Rica, won approval to draft a plan for financial incentives the countries could receive for preserving rain forests.
Countries will explore new ways to expand markets for carbon pollution credits so that developing nations such as China and India can participate.