The Lima Call for Climate Change, which was agreed to by more than 190 nations following two weeks of negotiations, calls for an “ambitious agreement” to be made next year, and for countries to submit pledges for reining in greenhouse gas emissions by the end of the first quarter of 2015.
These pledges will form the “elements for a draft negotiating text” that will be used for the UN climate change summit due to be held in Paris next year.
The talks have also maintained the target for complete decarbonisation by 2050, as well as the possibility for reforming carbon emissions trading markets.
The COP20 talks in Peru have little impact on the EU emissions trading system carbon price now, but PwC’s sustainability and climate change director Jonathan Grant said that “nothing has been ruled in or out at this point, so there is still the potential for market mechanisms to feature in the final deal.
“An ambitious deal in Paris could stimulate markets in the EU, China, the US and elsewhere.”
He added that the negotiations in Lima “almost ground to a halt” as countries gave little ground in the negotiations, but the eventually “the bare bones of a decision” were agreed upon.
UK energy secretary Ed Davey, who attended the negotiations, said: “This is an agreement that unites all nations, unlocking the door to the world’s first global climate deal in Paris next year.
“The talks were tough but the Lima Call for Climate Action shows a will and commitment to respond to the public demand to tackle climate change.
“I am proud the UK has been leading the way – by our laws on low carbon energy and climate, by successfully championing ambitious targets to cut emissions in Europe and with our central role here in Lima.”
However, environmental groups have criticised the Lima talks for failing to make any significant progress on tackling carbon emissions and climate change.
WWF Scotland director Lang Banks said: “The final outcome from Lima is bitterly disappointing.
“These talks leave a huge amount of unfinished business for countries to try and resolve before Paris if we’re to stand a chance of securing a new global climate deal that’s both fair and ambitious.”
Friends of the Earth’s international climate campaigner Asad Rehman added: “The only thing these talks have achieved is to reduce the chances of a fair and effective agreement to tackle climate change in Paris next year.”