The outcome of the Copenhagen Climate Change Conference is disappointing with the world “not ready” for a low-carbon economy, according to the Finnish Forest Industries Federation.

“Renewable natural resources such as wood were still not granted a special status and the work to define the concept of forest sinks remains incomplete,” said Ahti Fagerblom, who heads up the federation’s energy and climate change policy.

Mr Fagerblom said as whole the negotiations “flopped like a pancake”.

He said the EU should not increase its own emission reduction targets in the face of the US’s expected “trivial” offer of reducing its emissions by 3% from 1990 levels.

“European industry needs a stable climate policy that enables it to anticipate future developments,” he added.

“Europe is in an excellent position to lead the way in the creation of a low-emission bioeconomy, and the forest industry wants to contribute to this effort.”