Shortly before the Conference, 59.6% of respondents to a Norton Rose survey identified climate change as needing to be a more significant priority for governments than the global economic crisis.

By far the most widely-discussed outcome of the Conference was the "Copenhagen Accord". Unfortunately, it does not necessarily live up to the expectations of our survey respondents. The Accord endorses for the first time in a global context the objective of limiting global temperature rises to less than 2°C above pre-industrial levels. Developed countries are required to submit economy-wide emission reduction targets. Developing countries are provided with a depository in which to submit emission mitigation actions. Importantly, the Accord provides for fast start (pre-2012) finance for developing countries approaching US$30 billion. Developed countries commit to providing medium-term financing of US$100 billion annually by 2020.

However, the Accord does not refer to a legally binding agreement in respect of global emissions being entered into in the future. Nor does it set out a 2050 global emissions reduction goal.

Finance was a key stumbling block of the negotiations. The mid-term finance agreed falls significantly below what many have been estimated to be required. It seems apparent that the current constraints on national budgets resulting partly from the global financial crisis have not facilitated the ability of developed countries to fund emissions reduction actions and adaptation in developing counties. There have been tensions, including within the EU, in relation to both the total level of finance that could be committed to and how to work out individual country contributions.

Another aspect of the Copenhagen negotiations that failed to make significant headway was the discussions in relation to scaled-up "market mechanisms" (carbon trading). A number of developing countries used the causes and impacts of the financial crisis to reinforce their historic negotiating positions which do not favour the use of market mechanisms to combat climate change. However, the inability to rely on the international carbon markets reduces the willingness of developed countries to commit to being able to achieve stringent emission reduction targets.

The weakness of the Accord, to which these financial crisis-related tensions have partly contributed, has meant that the EU has not yet been able to move its target to reduce its emissions below 1990 levels by 2020 from 20% to 30%. This deeper target would have in turn been passed on to the UK and other Member States. Notwithstanding the financial crisis, the UK has committed to a legally binding target of an 80% cut in emissions by 2050 and a 34% reduction by 2020.