Doha 2012: Ed Davey agrees to 'modest' climate deal costing Britain billions

After negotiating for 24 hours with no sleep, the Lib Dem minister said he had helped achieve a "modest step forward" in the latest round of United Nations climate change talks in Doha, Qatar.

The so-called Doha deal extends the Kyoto Protocol and promises to look at compensation for poorer countries affected by climate change.

As part of the EU, the UK will be committed to the new carbon targets under the second commitment period of the Kyoto Protocol.

It will not mean we have to change our current target to cut emissions by 34 per cent by 2020 on 1990 levels immediately.

However it will mean considering higher targets by 2014.

This could mean the UK moves to 42 per cent by 2020.

Mr Davey said all countries must up ambition before 2020.

He believes the UK should lead the way by pushing for increased targets in 2014.

"I do think we need to take more action before 2020," he said.

In contrast, George Osborne, the Chancellor has insisted on reviewing the target in 2014 to consider whether it needs to be brought down if cutting carbon is damaging industry.

Only the EU and a handful of other countries signed up to an extension of the Kyoto Protocol.

China and the US, the largest emitters in the world, are not bound by any legally binding treaty to cut emissions before 2020.

Heavy industry are already concerned that the UK is at a competitive disadvantage because of signing up to stronger green targets than other countries.

However Mr Davey insisted the US, China and other countries are making progress towards a wider deal to cut emissions.

The 194 countries at the talks also agreed to work towards a global deal by 2015 that will commit most countries to cutting emissions from 2020.

"We are paving the way to a legally binding treaty in 2015, that is the goal," he said.

The deal also commits the UK to spending more money on helping poor nations adapt to climate change.

Mr Davey pledged 2bn up to 2015 towards schemes like building solar panels in Africa.

He also said the UK would consider helping poor countries cope with the "irreparable" damage caused by global warming.

The new clause on loss and damage was added to the deal at the last minute following tearful requests by small island states.

Mr Davey said the UK had a "duty to act".

"I think you do have a duty to people who are losing their countries below the waves," he said.

But again, the Treasury will have to ok any more spending.

Tory back benchers have expressed concern about the UK committing more money to climate change and increasing carbon targets.

But Lord Stern of Brentwood, who wrote the original report warning the Government about the economic impact of climate change said the UK will ultimately benefit from switching to green energy and preventing mass migration and other potential problems caused by global warming.

"The UK Government can be proud of its role in Doha, where it has helped to forge agreement between other countries and has led by example in making firm commitments of financial support to assist developing countries with the transition to low-carbon economic development and growth and to adapt to those impacts of climate change that cannot now be avoided," he said.

Harjeet Singh, the International Coordinator for Disaster Risk Reduction and Climate Adaptation at ActionAid International, said the deal was too weak to stop global warming or help the poor.

“The only word to describe this deal is ‘unacceptable’ – the Doha outcome does not sufficiently reduce emissions nor provide resources for poor countries to deal with increasingly frequent and severe droughts, floods and storms. Rich nations will say important progress has been made, but at this point they are nothing more than snake oil salesmen," he said "They have done too little, too late to protect the world’s poor from the harsh realities of climate change."