It’s not a bad speech, and I agree with it all. But it seems too little too late at this point. I can only hope that behind the curtain, Obama is using the sizable economic muscle of the USA to get some things done. I despair sometimes to think how we wasted 8 years under bush, how we squandered the wealth of the 90’s on wars for the last 8 years, how we COMPLETELY missed our chance to strike while the iron was hot.

Below is the leaked draft agreement, which right now locks us into a 3 degree (C) rise in global temps, which basically locks us into a hell like death spiral into the destruction of our climate…time to do some serious soul searching and figure out what WE will do. If our governments and business interests fail us, WE MUST TAKE ACTION without them.

The Heads of State, Heads of Government, Ministers, and other heads of delegation present at the fifteenth session of the Conference of the Parties and the fifth meeting of the Parties to Conference of the Parties to the to the United Nations Framework Convention on Climate Change,

In pursuit of the ultimate objective of the Convention as stated in its Article 2,

Recalling the provisions of the Convention,

Being guided by Article 3 of the Convention,

Affirming our firm resolve to adopt one or more legal instruments under the Convention pursuant to decisions taken at COP13 and this decision as soon as possible and no later than COP16/CMP6.

Have agreed on this Copenhagen [X] which is operational immediately

1. The Parties underline that climate change is one of the greatest challenges of our time. The Parties emphasise their strong political will to combat climate change in accordance with the principle of common but differentiated responsibilities and respective capabilities. Recognizing the scientific view that the increase in global temperature ought not to exceed 2 degrees and on the basis of equity and in the context of sustainable development, the Parties commit to a vigorous response through immediate and enhanced national action on mitigation based on strengthened international cooperation.

Ambitious action to mitigate climate change is needed with developed countries taking the lead. The Parties recognize the critical impact of climate change on countries particularly vulnerable to its adverse effects and stress the need to establish a comprehensive adaptation programme including international support.

2. Deep cuts in global emissions are required. The Parties should cooperate in achieving the peaking of global and national emissions as soon as possible, recognizing that the time frame for peaking will be longer in developing country Parties and bearing in mind that social and economic development and poverty eradication are the first and
overriding priorities of developing country Parties and that low-emission development is indispensible to sustainable development.

3. Adaptation to the adverse effects of climate change is a challenge faced by all Parties, and enhanced action and international cooperation on adaptation is urgently required to enable and support the implementation of adaptation actions aimed at reducing vulnerability and building resilience in developing country Parties, especially in those that are particularly vulnerable, especially least developed countries, small island developing States and countries in Africa affected by drought, desertification and floods. The Parties agree that developed country Parties shall provide adequate, predictable and sustainable financial resources, technology and capacity-building to support the implementation of adaptation action in developing country Parties. The Parties further endorse -/CP.15 on adaptation.

4. Annex I Parties to the Convention commit to implement, individually or jointly, the quantified economy-wide emission targets for 2020 as listed yielding in aggregate eductions of greenhouse gas emissions of X per cent in 2020 compared to 1990 and Y per cent in 2020 compared to 2005 ensuring that accounting of such targets and finance is rigorous, robust and transparent.

5. Non-Annex I Parties to the Convention resolve to implement mitigation actions, based on their specific national circumstances and in the context of sustainable development. Mitigation actions taken and envisaged by Non-Annex I Parties shall be reflected through their national communications in accordance with Article 12.1 (b) of the Convention. The frequency of submissions of the national communications of Non-Annex I Parties shall be every two years. Mitigation actions taken by Non-Annex I Parties will be subject to their domestic auditing, supervision and assessment, the result of which will be reported through their national communications. Clarification may, upon request, be provided by the Party concerned at its discretion to respond to any question regarding information contained in the national communications. Nationally appropriate mitigation actions supported and enabled by countries in terms of technology, financing and capacity building, will be registered in a registry, including both action taken and relevant technology, financing and capacity building support. These supported nationally appropriate mitigation actions shall be subject to international measurement, reporting and verification in accordance with guidelines elaborated by the COP. The Parties take note of the information on enhanced mitigation action actions by Non-Annex I Parties as listed.

6. Developing countries Parties should, in accordance with the provisions contained in decision /CP.15, contribute to mitigation actions in the forest sector by undertaking the following activities: reducing emissions from deforestation, reducing emissions from forest degradation, conservation of forest carbon stocks, sustainable
management of forest, and enhancement of forest carbon stocks.

7. The Parties decide to pursue various approaches, including opportunities to use markets, to enhance the cost-effectiveness of, and to promote, mitigation actions, in accordance with decision -/CP.15.

8. Scaled up, new and additional, predictable and adequate funding shall be provided to developing country Parties, in accordance with the relevant provisions of the Convention, to enable and support enhanced action on mitigation, including REDD-plus, adaptation, technology development and transfer and capacity-building, for enhanced implementation of the Convention. Parties take note of the individual pledges by developed country Parties to provide new and additional resources amounting to 30 billion dollars for the period 2010-2012 as listed and with funding for adaptation prioritized for the most vulnerable developing countries, such as the least developed
countries, small island developing states and countries in Africa affected by drought, desertification and floods. In the context of meaningful mitigation actions and transparency on implementation, the Parties support a goal of mobilizing jointly 100 billion dollars a year by 2020 to address the climate change needs of developing countries. This funding will come from a wide variety of sources, public and private, bilateral and multilateral, including alternative sources of finance.

9. A High Level Panel will be established under the guidance of and accountable to the Conference of then Parties to assess the contribution of the potential sources of revenue, including alternative sources of finance, towards meeting this goal.

10. The Parties decide that the Copenhagen Climate Fund shall be established as an operating entity of the financial mechanism of the Convention to support projects, programmes, policies and other activities in developing countries related to mitigation including REDD-plus, adaptation, capacity-building, technology development and
transfer as set forth in decision -/CP.15.

11. In order to enhance action on development and transfer of technology the Parties decide to establish a Technology Mechanism as set forth in decision -/CP.15 to accelerate technology development and transfer in support of action on adaptation and mitigation that will be guided by a country-driven approach and be based on national circumstances and priorities.

12. The Parties call for a review of this decision and its implementation in 2016 including in light of the Conventions ultimate objective.

13. Capturing the progress achieved in the work by the Ad Hoc Working Group on Long-Term Cooperative Action and Ad Hoc Working Group on the Kyoto Protocol under the Convention the Parties by continuing negotiations pursuant to decisions taken at COP13 and this decision, with a view to adopting one or more legal instruments under the Convention as soon as possible and no later than COP16. Deciding to extend the mandate of the Ad Hoc Working Group on Long Term Cooperative Action under the Convention and continue the work of the Ad Hoc Working Group on Further Commitments for Annex I Parties under Kyoto Protocol to negotiate one or more legal instruments under the Convention.

Below is a transcript of Obama’s speech.

Good morning. It is an honor for me to join this distinguished group of leaders from nations around the world. We come here in Copenhagen because climate change poses a grave and growing danger to our people. All of you would not be here unless you — like me — were convinced that this danger is real. This is not fiction, it is science. Unchecked, climate change will pose unacceptable risks to our security, our economies, and our planet. This much we know.

The question, then, before us is no longer the nature of the challenge — the question is our capacity to meet it. For while the reality of climate change is not in doubt, I have to be honest, as the world watches us today, I think our ability to take collective action is in doubt right now, and it hangs in the balance.

I believe we can act boldly, and decisively, in the face of a common threat. That’s why I come here today — not to talk, but to act. (Applause.)

Now, as the world’s largest economy and as the world’s second largest emitter, America bears our responsibility to address climate change, and we intend to meet that responsibility. That’s why we’ve renewed our leadership within international climate change negotiations. That’s why we’ve worked with other nations to phase out fossil fuel subsidies. That’s why we’ve taken bold action at home — by making historic investments in renewable energy; by putting our people to work increasing efficiency in our homes and buildings; and by pursuing comprehensive legislation to transform to a clean energy economy.

These mitigation actions are ambitious, and we are taking them not simply to meet global responsibilities. We are convinced, as some of you may be convinced, that changing the way we produce and use energy is essential to America’s economic future — that it will create millions of new jobs, power new industries, keep us competitive, and spark new innovation. We’re convinced, for our own self-interest, that the way we use energy, changing it to a more efficient fashion, is essential to our national security, because it helps to reduce our dependence on foreign oil, and helps us deal with some of the dangers posed by climate change.

So I want this plenary session to understand, America is going to continue on this course of action to mitigate our emissions and to move towards a clean energy economy, no matter what happens here in Copenhagen. We think it is good for us, as well as good for the world. But we also believe that we will all be stronger, all be safer, all be more secure if we act together. That’s why it is in our mutual interest to achieve a global accord in which we agree to certain steps, and to hold each other accountable to certain commitments.

After months of talk, after two weeks of negotiations, after innumerable side meetings, bilateral meetings, endless hours of discussion among negotiators, I believe that the pieces of that accord should now be clear.

First, all major economies must put forward decisive national actions that will reduce their emissions, and begin to turn the corner on climate change. I’m pleased that many of us have already done so. Almost all the major economies have put forward legitimate targets, significant targets, ambitious targets. And I’m confident that America will fulfill the commitments that we have made: cutting our emissions in the range of 17 percent by 2020, and by more than 80 percent by 2050 in line with final legislation.

Second, we must have a mechanism to review whether we are keeping our commitments, and exchange this information in a transparent manner. These measures need not be intrusive, or infringe upon sovereignty. They must, however, ensure that an accord is credible, and that we’re living up to our obligations. Without such accountability, any agreement would be empty words on a page.

I don’t know how you have an international agreement where we all are not sharing information and ensuring that we are meeting our commitments. That doesn’t make sense. It would be a hollow victory.

Number three, we must have financing that helps developing countries adapt, particularly the least developed and most vulnerable countries to climate change. America will be a part of fast-start funding that will ramp up to $10 billion by 2012. And yesterday, Secretary Hillary Clinton, my Secretary of State, made it clear that we will engage in a global effort to mobilize $100 billion in financing by 2020, if — and only if — it is part of a broader accord that I have just described.

Mitigation. Transparency. Financing. It’s a clear formula — one that embraces the principle of common but differentiated responses and respective capabilities. And it adds up to a significant accord — one that takes us farther than we have ever gone before as an international community.

I just want to say to this plenary session that we are running short on time. And at this point, the question is whether we will move forward together or split apart, whether we prefer posturing to action. I’m sure that many consider this an imperfect framework that I just described. No country will get everything that it wants. There are those developing countries that want aid with no strings attached, and no obligations with respect to transparency. They think that the most advanced nations should pay a higher price; I understand that. There are those advanced nations who think that developing countries either cannot absorb this assistance, or that will not be held accountable effectively, and that the world’s fastest-growing emitters should bear a greater share of the burden.

We know the fault lines because we’ve been imprisoned by them for years. These international discussions have essentially taken place now for almost two decades, and we have very little to show for it other than an increased acceleration of the climate change phenomenon. The time for talk is over. This is the bottom line: We can embrace this accord, take a substantial step forward, continue to refine it and build upon its foundation. We can do that, and everyone who is in this room will be part of a historic endeavor — one that makes life better for our children and our grandchildren.

Or we can choose delay, falling back into the same divisions that have stood in the way of action for years. And we will be back having the same stale arguments month after month, year after year, perhaps decade after decade, all while the danger of climate change grows until it is irreversible.

Ladies and gentlemen, there is no time to waste. America has made our choice. We have charted our course. We have made our commitments. We will do what we say. Now I believe it’s the time for the nations and the people of the world to come together behind a common purpose.

We are ready to get this done today — but there has to be movement on all sides to recognize that it is better for us to act than to talk; it’s better for us to choose action over inaction; the future over the past — and with courage and faith, I believe that we can meet our responsibility to our people, and the future of our planet. Thank you very much. (Applause.)