President Obama has been able to reach a deal with China, India, and South Africa regarding transparency when measuring reductions in C02 emissions.  The President said the deal is a first step, but a meaningful one where all parties agreed to set limits on emissions, an agreement on transparency that the United States can work with, as well as the developing countries fund which will help poorer, more vulnerable nations fight climate change and increase their energy efficiency.

Surprisingly there will actually be a final agreement to sign, however it won't be legally binding.  The President commented that while it was unfortunate that the agreement isn't legally binding, the fact that such a treaty could be reached at all is a testament to all of the hard work and progress that has been made.  He said ultimately the way the world deals with this issue will be dictated by the science and investment into the technology that will help solve the problem.  He reminded everyone that this is a first step and that there will be future opportunities to move the process even further, but that it will be a very hard road.

Politically speaking, the Senate was waiting to hear of an agreement out of this conference if there was to be any hope of the Climate Bill passing next year and it looks like the chances of that happening just got better, although definitely not guaranteed.

Watch his remarks below followed by a question or two: