FT Energy Source is posting a daily question for our panel of expert commentators. Mindy Lubber of the Investor Network on Climate Risk, Jeremy Leggett of Solarcentury, Julian Morris of the International Policy Network, Kyoto protocol carbon market architect Graciela Chichilnisky, and Climate Change Capital chairman Vivienne Cox.

The UN conference in Copenhagen finally ended on Saturday morning with a global deal on climate change, although it was a non-binding agreement and far from unanimous. Is the agreement a disappointment or a relief?

Mindy Lubber: The climate treaty announcement is legitimately catching some heat for being too little, too late. The enormity of the crisis cries out for strong binding pollution reduction targets by all countries and massive infusions of public and private capital to catalyse a fast-track transition to a low-carbon economy.

But expecting we’d get all this at COP15 was never realistic. That’s why leading US businesses such as Nike, PG&E and North Face are encouraged by these first positive steps from Copenhagen.

An agreement reached by US President Barack Obama with leaders from India, South Africa, China and Brazil has formed the basis of a text adopted by the United Nations climate change conference in Copenhagen.

At a glance here are the main points from the “Copenhagen Accord”:

* Long-term goals:

“Deep cuts in global emissions are required according to science … with a view to reduce global emissions so as to hold the increase in global temperature below 2 degrees Celsius.”