'Copenhagen Accord' has huge emissions cuts

New Zealand might have to cut its long-term greenhouse gas emissions by 80 percent under a new climate change deal being considered by world leaders.

The United Nations climate change meeting in Copenhagen has ground to a halt as world leaders, including United States President Barack Obama and Chinese Premier Wen Jiabao, try to salvage agreement after 11 days of shambolic negotiations and bickering.

A copy of the proposed 'Copenhagen Accord', obtained by Fairfax Media, says parties to the Kyoto Protocol, which New Zealand has signed, commit to reducing their emissions individually or jointly by "at least 80 per cent by 2050".

The agreement will also include targets for emissions reductions by 2020, but values had not been included.

The Government’s 2050 target is to cut emissions by 50 percent on 1990 levels and it's unclear whether Prime Minister John Key would agree to such an ambitious target.

Key and Climate Change Ministers Nick Smith and Tim Groser were not immediately available for comment.

Several iterations of the draft text have been considered and it's not clear which one Fairfax Media has obtained.

Other parts of the agreement uses weak language and is devoid of binding commitments, The draft agreement, a political statement to be made by 193 nations at the meeting, says leaders, heads of government and ministers present will 'recognise' the scientific 'view' that atmospheric carbon dioxide levels should be stabilised to keep global temperature rise to below 2 degrees.

The next paragraph says deep cuts in global emissions are required "with a view" to reduce global emissions by 50 percent in 2050 below 1990 levels taking into account "the right to equitable access to atmospheric space".

Uncontroversially, the agreement commits countries to providing $US30 billion for new funding to help developing countries adapt to and mitigate against climate change – something US and European leaders have already backed.

The climate talks are scheduled to finish on Friday night (Saturday morning NZ time) but might stretch into the night.

- © Fairfax NZ News