As part of the Copenhagen Accord, individual countries have submitted greenhouse gas reduction proposals for the year 2020. This paper analyses the implications for emission reductions, the carbon price, and abatement costs of these submissions. The submissions of the Annex I (industrialised) countries are estimated to lead to a total reduction target of 12–18% below 1990 levels. The submissions of the seven major emerging economies are estimated to lead to an 11–14% reduction below baseline emissions, depending on international (financial) support.