Representatives of 190 countries agreed the
Lima Call for Climate Action early on Sunday morning,
recommitting countries to preventing temperatures rising by more
than two degrees above pre-industrial levels.
None hailed the deal as a triumph, and no single actor came away
feeling totally satisfied with what went on over the last two
weeks, or what looks set to come over the next year. But there were
small victories smattered throughout the text.
the deal, and identify Lima's winners and losers.
Good COP for developed countries nervous
about their short-term economic recovery.
Countries including the EU, US, and even Australia
pledged a little over $10 billion to the UN's newest
climate fund in run-up to the Lima negotiations. During the talks,
it became clear that this is the limit of what they're willing to
give, for now, as their economies struggle to recover from the
Economists suggest that spending money to help developing
countries pursue lower carbon development paths and become more
resilient to climate change is a wise investment. They say that
a fraction of one per cent of global GDP now could save
the global economy trillions in the decades to come.
Bad COP for the Like-Minded Developing
Countries (LMDC) bloc demanding financing assurances.
The LMDC group is made up of 26 developing nations. They made it
going into the negotiations that they wanted countries to
ramp up their contributions to the UN's
multiple climate funds, and give greater assurances that such
financing would be delivered.
Countries like Bangladesh argued that funds to help them adapt
to climate change were
their "right" rather than a demand. But despite the strong
language, the world's largest emitters wouldn't promise anything
Developing countries made it clear they wouldn't agree to more
transparent financing processes, showing how the funds were spent,
until new money was on the table. In the end, the Lima agreement
settled for the worst of both worlds: less transparency and less
Executives of the UN's Green Climate Fund meet secretary-general
Ban Ki-moon at the Lima conference. Credit: