From today’s Financial Times:

Global energy businesses are disappointed and confused by the climate deal agreed in Copenhagen, saying it does not provide enough certainty to justify the huge investments needed to cut carbon emissions.
The deal — agreed by major economies including the US and China on Friday evening but not formally adopted by the United Nations — makes a commitment to limit the rise in global temperatures but does not specify caps on emissions to achieve that objective.
Chief executives and business groups in Europe were particularly critical of the deal. Peter Voser — the chief executive of oil and gas group Royal Dutch Shell , which has supported limiting emissions — said “much more” was needed.
The role of business will be crucial in fighting the threat of global warming, with the private sector expected to provide about 90 per cent of the $500bn a year investment needed.
“I think there will be growing [demands] on the part of business to see this accord turned into something that is legally binding,” said Yvo de Boer, chief UN climate change official.
The full significance of the deal will not be known until well into next year.
Countries are supposed to fill in details of planned cuts in greenhouse gas emissions, left blank in the accord, by the end of next month. The UN is to follow with more talks towards a legally binding global treaty.
But companies said it was clear that world leaders had not yet done enough to underwrite a radical change in business strategy. Mr Voser said: “We … recognise that the accord reflects a true political willingness to combat climate change. However, it remains unclear how this political willingness will translate into concrete steps.”
Eon, the European energy group, had pledged to cut its emissions faster if there was a strong deal at Copenhagen. But Wulf Bernotat, its chief executive, warned that such cuts would “depend on further progress” in the UN talks, and from the US and China in particular.

The rest here.