Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Voluntary Climate Agreement taking shape in Copenhagen

During the Vietnam War, a radical leftist group called themselves the "Weather Underground" based upon the lyrics from a Bob Dylan song, You don't need a weatherman to know which way the wind is blowing.

Well, nowadays, you don't need a weatherman to understand that the earth is not warming at the moment. All you have to do is look at a nearby thermometer. According to the What's Up with That website, 304 new record low temperatures were set in the United States last week!

But that has not daunted the delegates to the UN's Climate Change Conference in Copenhagen. A voluntary agreement to fight global warming has just started to take its final shape in the form of a draft text revealed Sunday by an Ad Hoc Working Group. Although many details remain to be negotiated, something very much like this draft will probably be initialed by world leaders when the conference ends on Friday. Here are the two key passages:

Developed country Parties shall undertake, individually or jointly, legally binding national appropriate mitigation commitments or actions, [including] [expressed as] quantified economy-wide emission reduction objectives with a view to reducing the collective greenhouse gas emissions of developed country Parties by at least [25-40] [in the order of 30] [40] [45] per cent from 1990 levels by 2020....

Developing country Parties shall undertake nationally appropriate mitigation actions, enabled and supported by finance, technology and capacity-building provided by developed country parties ... aimed at achieving a substantial deviation in emissions [in the order of 15-30 per cent by 2020] relative to those emissions that would occur in the absence of enhanced mitigation....

To summarize: the U.S., Europe, Japan, and the other developed countries will agree to give away their remaining industries by reducing their carbon dioxide emissions.

In return, the developing countries (China, India, Africa, etc.) will agree to accept those industries by slowing the increase of their carbon dioxide emissions. In addition, they will accept financial aid and those energy-efficient technologies invented by the developed countries.

The leaders of the developed countries are all enjoying how warm it feels to pledge away their children's futures. But you don't have to be a weatherman to know that when these leaders return home with this agreement, they will get a chilly reception from their own legislatures.

Disclosure: No positions