World leaders meeting in Singapore have decided to punt on reaching any firm agreement at next month’s global warming conference in Copenhagen.
The decision represents a huge setback to the Obama administration’s goal of passing a cap and trade bill this year, which conversely is great news for virtually every company in America that has been worried about the higher cost of doing business that would come from the enactment of such legislation.
The NYT reported,
President Obama and other world leaders have decided to put off the difficult task of reaching a climate change agreement at a global climate conference scheduled for next month, agreeing instead to make it the mission of the Copenhagen conference to reach a less specific “politically binding” agreement that would punt the most difficult issues into the future.
At a hastily arranged breakfast on the sidelines of the Asia-Pacific Economic Cooperation summit meeting on Sunday morning, the leaders, including Lars Lokke Rasmussen, the prime minister of Denmark and the chairman of the climate conference, agreed that in order to salvage Copenhagen they would have to push a fully binding legal agreement down the road, possibly to a second summit meeting in Mexico City later on.
It’ll be interesting to see what Obama pulls at Copenhagen, aside from more apologizing for our country.