WINNERSSceptics

Those who do not believe man-made carbon emissions are causing climate change are relishing Copenhagen's failure to deliver a concrete deal.

China

China demonstrated its formidable negotiating skills in bringing about an outcome that suits it better than any other nation.

Danish economy

The country has benefited from the spending by tens of thousands of participants.

LOSERSThe planet

The threat remains of catastrophic climate change caused by a global temperature rise.

Renewable energy companies

The lack of a binding commitment to promote green technology will reduce investors' appetite for long-term renewable energy projects.

Carbon traders

Copenhagen will not give carbon markets the boost that traders had wanted from a strong agreement.