NEW YORK CITY, NY — Editor's Note: One year ago, the world was in a much different state with regards to climate policy. The United States in particular seemed poised to make a world of difference in the run-up to Copenhagen. On the eve of Climate Week NYºC 2010, this policy document from The Climate Group lays out where the world stands now.

Overview

At the inaugural Opening Ceremony for Climate Week NYC 2009, optimism within the climate community was at an all-time high. The newly elected Obama Administration made addressing climate change a top legislative priority; the U.S. House of Representatives passed the landmark Waxman-Markey climate change bill; and prospects for a global deal in Copenhagen were bright.

One year later, with negotiations at both the international and U.S. level stalled, the question on the minds of many climate supporters is: What now for climate policy?

International Outlook

While the key points of contention that undermined the Copenhagen negotiations remain today (e.g. emission reduction targets, financing levels, and legal status of the Kyoto protocol), the good news is that 138 countries have now associated themselves with the Copenhagen Accord, including all major emitters. These countries cover over 86 percent of global emissions and a similar percent of global GDP, compared to the less than 40 percent of global emissions covered by the Kyoto Protocol.

Moreover, participating countries have made commitments to provide up to $30 billion in "fast start funding" to developing countries by 2012 for adaptation efforts; $4.5 billion has been pledged to reduce deforestation through programs such as Reducing Emissions from Deforestation and Forest Degradation (REDD); and the U.N. Secretary General's Advisory Group on Finance (AGF) has been established to identify ways to generate $100 billion per year for climate mitigation and adaptation around the world by 2020.

Further progress on particular areas, such as institutional arrangements for financing and REDD, and agreement on a clear framework of what that final deal could look like are possible at COP16 in Cancun this December. However, for this progress to be realized, countries will need to move beyond their established positions, and increase their levels of ambition.