UN Releases Draft Negotiating Text

On May 20, the United Nations released draft negotiating text that could form the basis for a global climate agreement in Copenhagen this December. "This document marks an important point on our road," UNFCCC Executive Secretary Yvo de Boer said. The 53-page text provides a range of options including that developed nations set aside up to 2 percent of their gross national product to help poor countries cope with global warming, while also calling for developing countries to do more to limit greenhouse gas pollution. The text suggested a long-term emissions reductions global goal of 50 percent below 1990 levels by 2050. The text will be a "'living document' with parties modifying it and bringing new ideas to bear" said Michael Zammit Cutajar, the UN official who drafted the paper. Parties will soon have an opportunity to react to the draft negotiation text during the next UN climate talks in Bonn, Germany, June 1-12. Read more in Bloomberg