The outcome of the summit was an agreement adopted by the states' parties that called for a large "
Green Climate Fund", and a "Climate Technology Centre" and network. It looked forward to a second commitment period for the Kyoto Protocol. The agreement recognizes that climate change represents an urgent and potentially irreversible threat to human societies and the planet, which needs to be urgently addressed by all parties. It affirms that climate change is one of the greatest challenges of our time and that all parties must share a vision for long-term cooperative action in order to achieve the objective of the convention, including the achievement of a global goal. It recognizes that warming of the climate system is scientifically verified and that most of the observed increase in global average temperatures since the mid twentieth century are very likely due to the observed increase in
anthropogenic greenhouse gas concentrations, as assessed by the
IPCC in its Fourth Assessment Report. The agreement further recognizes that deep cuts in global greenhouse gas emissions are required, with a view to reducing global greenhouse gas emissions so as to hold the increase in global average temperature below 2 °C above pre-industrial levels, and that parties should take urgent action to meet this long-term goal, consistent with science and on the basis of equity; and recognizes the need to consider, in the context of the first review, strengthening in relation to a global average temperature rise of 1.5 °C. The agreement also notes that addressing climate change requires a paradigm shift towards building a
low-carbon society. The agreement calls on rich countries to reduce their greenhouse gas emissions as pledged in the
Copenhagen Accord, and for
developing countries to plan to reduce their emissions. A 40-nation "transition committee" was to meet by the end of March 2011, but it was deferred until late April amid squabbles among Latin American countries and the Asia bloc about who should be on the committee. The committee is due to present a complete plan for the fund by the
next climate conference in South Africa starting in November, 2011.
Adaptation The conference established the Cancun Adaptation Framework and the Adaptation Committee, and it invited Parties to strengthen and, where necessary, establish regional adaptation centres and networks.
Mitigation Developed countries should submit annual
greenhouse gas inventories and
inventory reports and biennial reports on their progress. It agrees that developing country parties will take nationally appropriate mitigation actions in the context of sustainable development, supported and enabled by technology, financing and capacity-building, aimed at achieving a deviation in emissions relative to "
business as usual" emissions in 2020. It decides to set up a registry to record
Nationally Appropriate Mitigation Actions seeking international support and to facilitate matching of finance, technology and capacity-building support to these actions. Once support has been provided they are called
internationally supported mitigation actions (ISMAs), that will be subject to international
measurement, reporting and verification. The Cancún Agreements (Decision 1/CP.16) also adopted the seven
Cancún safeguards to be promoted and supported when undertaking
REDD+ activities under the UNFCCC.
Finance It takes note of the collective commitment by developed countries to provide new and additional resources, including forestry and investments through international institutions, approaching US$30 billion for the period 2010–-2012 and recognizes that developed country parties commit, in the context of meaningful mitigation actions and transparency on implementation, to a goal of mobilizing jointly US$100 billion per year by 2020 to address the needs of developing countries. It decides to establish a Green Climate Fund, to be designated as an operating entity of the
financial mechanism of the convention. Also decides that the Fund shall be governed by a board of 24 members; the trustee shall administer the assets of the Green Climate Fund only for the purpose of, and in accordance with, the relevant decisions of the Green Climate Fund Board. The conference establishes a Standing Committee under the Conference of the Parties to assist the Conference of the Parties in exercising its functions with respect to the financial mechanism
Technology In technology development and transfer, decides to establish a
Technology Mechanism, which will consist of a
Technology Executive Committee and a
Climate Technology Centre and Network. The Climate Technology Centre and Network and the Technology Executive Committee shall relate so as to promote coherence and synergy. The Technology Executive Committee shall further implement the framework of the convention (
technology transfer framework) and Committee shall comprise 20 expert members. The Climate Technology Centre shall facilitate a Network of national, regional, sectoral and international technology networks, organizations and initiatives
Capacity-building It reaffirms that
capacity-building is essential to enable developing country parties to participate fully in addressing the climate change challenges, and to implement effectively their commitments under the convention.
Kyoto Protocol The Outcome of the work of the Ad Hoc Working Group on Further Commitments for Annex I Parties under the Kyoto Protocol at its fifteenth session: • Recognizes that the contribution of Working Group III to the
Fourth Assessment Report of the
IPCC, to achieving the lowest levels would require Annex I Parties as a group to reduce emissions in a range of 25-40 per cent below 1990 levels by 2020 (close to the 51% reduction in a
low-carbon society). • Urges Annex I Parties to raise the level of ambition of the emission reductions to be achieved. • In the second commitment period, the base year shall be 1990. • The
global warming potentials shall be those provided by the IPCC.
Reactions The agreement includes a "Green Climate Fund," proposed to be worth $100 billion a year by 2020, to assist poorer countries in financing emission reductions and adaptation. ==See also==