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Today is day four of the two week Climate Summit in Copenhagen. A ceremony on 7th December opened the conference, and this video was shown:

So negotiations are now underway between world leaders for international agreement, and the world is watching. The main points to be discussed are emissions and financing.

Many nations have already declared their targets for reducing emissions. Norway has set a target of a 40% reduction on 1990 levels of greenhouse gas emissions by 2020. The US has set its target at just 4% for the same time frame, but declares that by 2030 it will reach a target of 32% reduction. How will countries commit to reach the targets they set - will compliance be voluntary?

In terms of financing for mitigation and adaptation measures, the Climate Summit will be focusing on both government funds and private financing options. It is a complicated and political debate. Developing countries are likely to suffer the greatest impacts of climate change, but they are least culpable. They have less resources for coping with the affects, and at the same time need to allocate resources for the development and progress of their nation. How can developed countries be asked to conserve their rainforests for the health of the planet, without being compensated in some way for the loss of development opportunity? This video explains more about the Cap and Trade system and its complexities:

This article from The Economist talks more about these issues.