Global energy businesses have been left disappointed and confused by the climate deal agreed in Copenhagen, saying it does not provide enough certainty to justify the huge investments needed to cut greenhouse gas emissions.
The deal – agreed by major economies including the US and China on Friday evening but not formally adopted by the United Nations – makes a commitment to limit the rise in global temperatures but does not specify caps on emissions to achieve that objective.
Chief executives and business groups in Europe were particularly critical of the deal. Peter Voser – the chief executive of oil and gas group Royal Dutch Shell, which has supported limiting emissions – said “much more” was needed.
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