The Durban Package

COP 17 was the longest climate conference ever. Early on Sunday morning, delegates had brought the Durban Package on its way. The four decisions are a landmark deal in the multilateral approach to tackle climate change. The Durban Package contains:
(1) A second commitment period for the Kyoto Protocol without a gap. Thus it has finally become clear that the flexibility mechanisms CDM and JI can continue.
(2) The framework that has been built in Cancun is strengthened and has been operationalized. Institutions for Adaptation, Finance, and Technology can launch their work in 2012. A new market mechanism has been defined.
(3) An agreement on the Green Climate Fund was achieved. The fund shall become the most important climate financing instrument and will support mitigation and adaptation.
(4) A process to establish a legal framework that includes all countries has been launched. The new instrument shall be finished no later than 2015 and be put in place in 2020. The Durban Package sends clear signals to project developers and investors. With regard to the EU’s 2020 target, an increase in ambition has become more likely.