Even the most enthusiastic climate advocate would have been disappointed with the outcome of the climate change conference held in Copenhagen. To have expected something like a new, detailed, legal treaty would have been naive; the Conference was always about long-term signals and overall market sentiment and not about short-term strategies affecting carbon prices. This note attempts to tell you what happened in Copenhagen, what the contents of the Copenhagen Accord are, what its implications for the carbon market could be, and most importantly, what to watch out for in 2010.