The world’s climate change community traveled to Durban for the COP17 climate conference with expectations set very low. The prospects for the Kyoto Protocol looked bleak, and as a result there was great uncertainty over the future of the Clean Development Mechanism (CDM) and Joint Implementation (JI) carbon markets. Key players seemed set on apparently irreconcilable positions, with many developing countries insisting that Kyoto must continue at all costs while countries such as Russia, Japan and Canada were equally adamant that they would not get involved in a second commitment period.
The whole UNFCCC process was in danger of becoming an irrelevant sideshow. Yet as Durban headed into the final weekend, rumors started to circulate that a deal would happen – and a significant one at that. And finally, some 36 hours after the conference was due to end – and after a few heads had been metaphorically knocked together – an agreement was reached.
To learn what the outcomes from COP17 mean for business, read our COP17 wrap up: COP17: One step closer to a low-carbon future.