The Guardian reports that a leaked text of the agreement to be signed next week has the Copenhagen conference in disarray.
While developing nations thought they would get money as a result of the agreement, the leaked text now makes it clear it’s the central bankers that are going to be the winners.
"The UN Copenhagen climate talks are in disarray today after developing countries reacted furiously to leaked documents that show world leaders will next week be asked to sign an agreement that hands more power to rich countries and sidelines the UN's role in all future climate change negotiations."
Reports the Guardian
"The agreement, leaked to the Guardian, is a departure from the Kyoto protocol's principle that rich nations, which have emitted the bulk of the CO2, should take on firm and binding commitments to reduce greenhouse gases, while poorer nations were not compelled to act. The draft hands effective control of climate change finance to the World Bank; would abandon the Kyoto protocol – the only legally binding treaty that the world has on emissions reductions; and would make any money to help poor countries adapt to climate change dependent on them taking a range of actions."
"Developing countries that have seen the text are understood to be furious that it is being promoted by rich countries without their knowledge and without discussion in the negotiations. ‘It is being done in secret. Clearly the intention is to get [Barack] Obama and the leaders of other rich countries to muscle it through when they arrive next week. It effectively is the end of the UN process,’ said one diplomat, who asked to remain nameless."
As the conference moves toward polarization along develop and developing nation lines, it's becoming clear that it's the central bankers that will once again be the real beneficiaries. Again.