Copenhagen Climate Change Conference 2009: you've heard the rumours now read leaked Draft Agreement #271109

Hysterical rumour abounds since it was discovered this week that friends and allies amongst the developed nations had put their heads together last September and come up with a wish-list draft of what the COP15 political agreement on climate change should look like.

When one discounts the rumour mill it can clearly be seen that a New World Order is not in the offing and the World Bank is not in charge of the One Ring To Rule Them All.

That the 'big boys' at the United Nations table want to steer outcomes shouldn't come as a shock - it happens at every big UN conference and the smaller countries as a bloc are quite capable of forestalling the more offensive measures proposed as these tensions play out both within the conference and outside for the media's benefit.

Did anyone really expect the biggest emitters, as well as those countries which have historically benefited most from the Industrial Revolution, to not try to pass responsibility onto others while keeping their own national climate change commitments fluid?

Time to remember that this agreement when it comes is not legally binding and, is cynically only for show as business goes on as usual for multinational corporations and global industries.

Here is what the draft actually states about finance:

19. Substantially scaled up financial resources will be needed to address mitigation, adaptation, technology and capacity building. It is essential to strengthen the international financial architecture for assisting the developing countries in dealing with climate change and to improve access to financial support. Resources will derive from multiple sources and flow through multiple bilateral and multilateral channels.

20. The Parties share the view that the strengthened financial architecture should be able to handle gradually scaled up international public support. International public finance support to developing countries [should/shall] reach the order of [X] billion USD in 2020 on the basis of appropriate increases in mitigation and adaptation efforts by developing countries.

21. The Parties confirm climate financing committed under this agreement as new and additional resources that supplement existing international public financial flows otherwise available for developing countries in support of poverty alleviation and the continued progress towards the Millennium Development Goals. In this regard:
- Developed country parties commit to deliver upfront public financing for 2010-201[2] corresponding on average to [10] billion USD annually for early action, capacity building, technology and strengthening adaptation and mitigation readiness in developing countries as set forth in Attachment C;
- From [2013] The Parties commit to regularly review appropriateness of contributions and the circle of contributors against indicators of fairness based on GDP and emissions levels and taking into account the level of development as set forth in Attachment C.

22. Recalling article 4 of the Convention, Parties decide that a Climate Fund be established as an operating entity of the Financial Mechanism of the Convention, which should function under the guidance of and be accountable to the COP as set forth in article 11 of the Convention. The Fund should be operated by a board with balanced representation, which will develop the operational guidelines for the Fund and decide on specific allocation to programmes and projects. The COP will formally elect members of the Fund Board and endorse the operational guidelines and modalities for the Fund. The Fund should complement and maximise global efforts to fight climate change through up-scaled support for climate efforts in the developing countries, including mitigation, adaptation, technology and capacitybuilding. Support from the Fund may be channeled through multilateral institutions or directly to national entities based on agreed criteria. Parties commit to allocate an initial amount of [$x] to the Fund as part of their international public climate support. Medium term funding should be based on a share of no less than [y%] of the overall international public support. Parties decide to operationalise the work of the Fund following the modalities set forth inannex/decision [Y].

23. In the context of the commitment in paragraph [14] Parties commit to global financing contributions from international aviation and international maritime transport generated through instruments developed and implemented by the ICAO and IMO respectively should be channeled through the Climate Fund from [2013], [mainly for adaption purposes], taking into account the principle of common but differentiated responsibility.

24. To enhance transparency and overview The Parties decide to establish an International Climate Financing Board under the UNFCCC to monitor and review international financing for climate action and in this context identify any gaps and imbalances in the international financing for mitigation and adaptation actions that may arise. The Board will consist of [x] representatives from developed countries and [y] representatives from developing countries.
[Z] Representatives from international institutions will participate in the Board as permanent observers. Decision making will be by consensus. [If all efforts to reach a compromise have been exhausted and no agreement has been reached, decisions shall be taken by a two-thirds majority]. The UNFCCC Secretariat will serve as secretariat for the International Climate Financing Board. Parties endorse the further guidelines as set out in attachment D and decision X7/CP.15.

Full text here courtesy of Wikileaks.