It was so close yet a historic disappointment at Copenhagen. An Accord was reached but that is not legally binding. The key points of the accord include the objective
1) to keep the maximum temperature rise to below 2 degrees Celsius - as required by science;
2) the commitment to list developed country emission reduction targets and mitigation action by developing countries for 2020;
3) USD 30 billion short-term funding for immediate action till 2012 and USD 100 billion annually by 2020 in long-term financing,
4) as well as mechanisms to support technology transfer and forestry
However i) its not a legally binding, ii) its not a accord which pins downs industrialized countries to individual targets, iii) not a accord which Specifies what developing countries will do and iv) finally not a accord which specifies how 30 billion divided to indidivual contributors.
In about one year from now again the challenge will be to convert this accord to something which is legally binding.