The fourteenth meeting at the leaders’ representative level of the Major Economies Forum on Energy and Climate was held in New York City, September 27, 2012. It was attended by ministers and officials from the seventeen major economies, as well as the United Nations, with Barbados, Denmark, New Zealand, Qatar, and Singapore also participating in the session. Algeria, Bangladesh, and Colombia were also invited.
Participants expected that the Doha climate conference would make balanced progress on all elements of the Durban package, including: finalizing the KP second commitment period and terminating the KP and LCA as agreed in Durban; advancing discussions on pre-2020 ambition, including by welcoming pledges from countries that have not yet pledged; and providing opportunities for discussion on the future agreement. Some participants suggested holding ministerial roundtables in Doha on ambition and on the future agreement. There were strongly divergent views on whether unresolved issues in the LCA were able to be resolved and, if not, whether and how they should be carried forward. The length of the second commitment period also remains to be decided.
Participants considered and broadly supported the idea of a MEF Action Agenda under which MEF countries might agree to undertake focused, concrete, and ambitious actions to reduce emissions. Some suggested that the role of the MEF could be to stimulate action at scale, mindful not to duplicate existing efforts.There was a discussion of how MEF countries could set an ambitious, voluntary goal for efficiency improvement in existing and new buildings, and implement specific policies and actions to meet that goal. Participants suggested a few other ideas, and some emphasized the importance of engaging the private sector. Participants will further consider options for a MEF Action Agenda at the next meeting of the MEF.
Participants had a substantive discussion of the future agreement, in which, while a wide range of views were expressed, there were important commonalities of view. There was general recognition that the agreement needs to be "applicable to all Parties" and promote ambition, and that there could be some tension between these two objectives. Some suggested that a "bottom-up" approach could promote "applicability to all" and that a "top-down" approach could promote ambition; many suggested the need for some kind of creative hybrid of the two. Many pointed to the desirability of an agreement that is flexible, dynamic, and able to accommodate national circumstances. In that regard, many participants commented on the need for Parties to design their own mitigation contributions based on diverse national conditions. Parties discussed how the principle of CBDR/RC should be applied in a new agreement. It was noted that, while their contributions might differ in content, the "bindingness" of contributions would be the same.
In a discussion of finance, participants considered how to scale up public and private sector finance toward the $100B goal in 2020. They discussed approaches to leverage private sector finance, including the role of various policies in encouraging increased investment flows.
The Chair asked participants to hold the week of November 12, 2012 on their calendars for the next MEF meeting.