Attention turns to 2010, as negotiators close in on final Copenhagen deal

Talks at the Copenhagen Summit were on-going this morning as negotiators from rich nations attempted to convince poorer countries angry at the deal between the US and large emerging economies to sign up to the proposed agreement.

Reports claimed that a deal looked increasingly likely, with large numbers of developing countries signalling that they would support the deal in return for access to the $30bn of climate funding on offer over the next three years.

The final round of talks comes as world leaders departed the Danish capital and began a concerted campaign to position the non-binding political agreement as a success and map out plans for further talks next year.

President Obama said the deal, which sought compromise on the three main issues of emission targets, climate funding, and emissions verification, was a "historic breakthrough", but he also admitted that the agreement was "not enough" to tackle global warming.

His comments were echoed by British prime minister Gordon Brown who told reporters that the deal represented a "vital first step" towards a legally binding agreement that would serve to cut global carbon emissions.

Green groups were quick to condemn an agreement that contained no short-term emission targets and few solid commitments, beyond a pledge to keep temperature rises below two degrees, plans for $100bn of climate funding from 2020, and proposals for an international mechanism for verifying carbon emissions.

However, leaders promised to try to deliver rapid progress towards a more detailed agreement next year.

Industrialised countries pledged to formally announce the short-term emission reduction targets missing from the agreement over the the "next few weeks", most likely after the expected vote in the US Senate on its proposed climate bill.

There were also reports that a meeting would be scheduled to discuss the legality of the measures already agreed, and it emerged that German Chancellor Angela Merkel is to host a summit early next year to discuss mechanisms for verifying countries' progress against emissions target.

In an attempt to appease China, which had argued that such an inspection regime would impinge on the sovereignty of developing countries, US officials suggested that it would be possible to do much of the monitoring using satellite technology.

Further optimism was provided by reports that a deal had been done to improve forest protection efforts.

"This is the first step we are taking towards a green and low carbon future for the world, steps we are taking together," said Brown. "But like all first steps, the steps are difficult. I know what we really need is a legally binding treaty as quickly as possible."

It remains to be seen how business groups will respond to the compromise deal, but with many insisting some sort of agreement was required to provide investors with greater certainty for low carbon projects there is likely to be cautious optimism that the agreements and promises of further progress will underline the attractiveness of the clean tech sector.

Green business groups, like green NGOs, will inevitably be frustrated that the deal does not go far enough in curbing emissions and that they are now condemned to at least another year of uncertainty on some key issues.

But the political consensus on the need for action, the commitments to investigate new climate funding mechanisms, and the pledges from numerous countries that their low carbon strategies will continue regardless of any Copenhagen deal, should all serve to help further accelerate the development of low carbon technologies and business models.