THE NEW ECONOMY002

climate and energy legislation in the US will bedecisive. This would provide real momentum to thetalks. It would demonstrate US commitment to actionand increase pressure on other major emitters to lifttheir ambitions. It would also kick-start a clean-techrevolution that would accelerate the creation of newindustries and green jobs in the US.The importance to the negotiating process of "fast-start" finance cannot be overstated. Early delivery ofthe 2010-2012 financing commitments made in theCopenhagen Accord would significantly improve theatmosphere of the negotiations. Such action,032POST-COPENHAGEN REVIEWimplemented transparently and equitably, wouldrapidly rebuild trust between developed anddeveloping countries. It would also make it muchharder for those opposing the Accord to block itsincorporation into the formal negotiating process.Existing pledges from the EU, Japan and the US areencouraging, but need to be operationalised swiftly.The actions of the major emerging economies will also have a major influence on negotiationsthrough to Cancun. The unilateral commitmentsmade prior to Copenhagen, such as China's 40-45per cent carbon intensity reduction target, areMain Picture: UNSecretary General Ban Ki-moon during the talksUN Photo