It is here. The most eagerly awaited climate change draft has been revealed at last. The Draft Negotiation Text of the UNFCCC which will form the basis of the post 2012 climate negotiations was unveiled in Bonn this month and it does look promising. With a draft in hand, the UNFCCC will be hoping that the negotiations in Copenhagen will be less likeĀ  assembling a mangled Frankenstein and more like choosing the interiors of your new Prius Hybird car. The fate of final document rests on two words; Curly brackets a.k.a { } , the bread and butter of all negotiators. With {Shall} or {Should} in almost every other sentence of the draft, there is a lot to be won or lost. And the stakes are high. Some interesting developments (all in ye good olde {} of course) in the Draft are;

Commitments

1. Developed countries to reduce emissions by 25-40% by 2020 and 75-95% by 2050

2. Of this 90% has to be from domestic action and only 10% from offsets.

3. Developing countries to reduce by 25% of 2000 levels by 2050.

4. Nationally Appropriate Mitigation Action (NAMA) for developing countries on a voluntary basis but this mitigation cannot be used to generate offsets for developed countries.

5. More prosperous developing countries have to have a NAMA by 2020 and be prepared to undertake actions similar to developed countries after a fixed date.

6. Sectoral commitments for developing countries (steel, power, cement industry, etc.)

REDD/Avoided deforestation

7. REDD (avoided deforestation) to be incorporated as a legitimate part of NAMA

8. Interested developing countries must draft a National REDD strategy covering readiness, demonstrative and full implementation phases along with national reference levels.

9. Separate fund for REDD activities to complement the World Forest Carbon Partnership.

Financing

10. Developed countries must fork out 0.5 to 2% of their GDP

11. Price on carbon through auction of emissions

12. Levy on air passengers

13. Levy of 2-5% from CDM projects and 2-12% from emissions trading.

14. Global levy on internation monetary transactions.

15. Monetary penalties for non-compliance to be paid into the Adaptation Fund.