A new Green Climate Fund has been established, as have bodies on technology and adaptation. A work programme on REDD plus has been launched.
The texts contain many elements of relevance to the private sector, including the call for low carbon development strategies and NAMA's. Reporting on emissions, on actions to reduce emissions and on finance provided will be intensified. The future role of market based mechanisms under the Convention is to be decided next year, but the decision under the Kyoto Protocol states that the project-based mechanisms under the Protocol should continue to be available as the means to meet emission reduction objectives, which should increase confidence in the carbon markets. Private sector and other observers are invited to provide views alongside Parties on the design of market based mechanisms under the Convention by 21 February.
The legal form of the international agreement(s) will be decided next year.
There was overwhelming support from all countries, with opposition from Bolivia (with only Venezuela, Saudi Arabia and Cuba initially supporting continuation of negotiations to address Bolivia's concerns).
The opposition from Bolivia will be noted in the procedural report of the meeting. Minister Espinoza got several standing ovations for her conduct of the meetings as the COP President. In the comments speakers commended the meeting for restoring trust, inclusiveness, strengthening multilateralism and transparency.
For more detailed analysis of the outcome watch our website in the coming few days.