openhagen was a critical first steptowards a post-2012 internationalagreement on climate change. Eventhough we would have liked to achievemore, the Copenhagen Accord includes most of thekey elements of a climate deal. The key challengenow is to bridge the interests of industrialised,emerging economies and developing countries -theOCED is playing a crucial part in this process.With over 110 countries and the European Unionsigned up, including the main emitters with theirtargets or actions, the Copenhagen Accord is animportant breakthrough for collective internationalaction to limit global emissions and to help buildcleaner economies. It represents progress on three keyissues in particular:First, on greenhouse gas mitigation. The targets andactions that countries list in the Accord represent, forthe first time, an internationalisation of actions byboth developed and developing countries. However,more ambitious targets and actions will be needed tolimit the temperature rise to 2°C. OECD analysissuggests that even the most ambitious targetsdeclared by industrialised countries would reducetheir emissions collectively by at most 18 per cent by2020 compared with 1990 levels. This falls short ofthe estimated 25-40 per cent reduction that the IPCCsuggests is needed to stay within the 2°C limit. OECDwill support both developed and developing countriesin identifying potential for stepping-up their emissionreductions, while still growing the economy. Second, on financing climate change, Copenhagengave us an initial commitment by advanced countriesto deliver fast-start finance of US$30 billion for 2010-2012 and a longer-term goal to mobilise US$100billion per year by 2020 from public and privatesources. Governments also committed to create aCopenhagen Green Climate Fund. Making this happenwill be critical to building trust and co-operationbetween developed and developing countries. Butagain, the proof of the pie is in the eating, and fundswill need to be delivered, leveraged and well-used.Third, the agreement includes general principles for themeasurement, reporting and verification of targets,actions and finance - essential elements to ensuretransparency and accountability amongst countries andultimately to ensure that pledges are implemented. There is still considerable work to be done to reach alegally-binding global agreement on climate change.The world is looking to industralised countries, inparticular the G8, to lead the way by taking ambitiousaction. Many OECD countries have put in place or areconsidering cap-and-trade schemes to put a price onMain Picture: Powerplant pollution -nothelping to keep emissionlevels downTHE ROAD TO CANCUN: TOWARDS A SUCCESSFULPOST-2012 INTERNATIONAL AGREEMENT118PRE-MEXICO REVIEWCANGEL GURRÍA, SECRETARY-GENERAL, THE ORGANISATION FOR ECONOMICCO-OPERATION AND DEVELOPMENT (OECD)?