Climate policy
In 2009, international climate policy focused on the climate summit in Copenhagen (COP 15), where high-emission countries, such as China, Brazil and the USA, announced new and more ambitious national reduction targets.
The result of the negotiations during COP 15 was disappointing. However, a general political declaration which established the necessity of major CO2 emission reductions ("The Copenhagen Accord") was negotiated between the largest nations, including China, India and the USA. Important signals also came from the EU and the USA concerning financial contributions towards financing climate measures in developing countries.
Vigorous activity is expected in climate negotiations throughout 2010 with a view towards entering into a new international climate accord for the period after the expiry of the Kyoto agreement in 2012. The most significant effects of the international climate policy for the European energy market are implemented through the European Union Emission Trading System (EU ETS). The EU's revised emission trading directive, which came into force in June 2009, regulates emissions from 2013 to 2020, stipulating the goal of a 20 per cent greenhouse gas emission reduction compared with emissions in 1990. The directive has an option for the EU to decide to increase its commitment from 20 to 30 per cent if a binding international agreement can be reached.