H.265 is a hypothetical future ITU-T recommendation for video compression coding under study for potential development by the ITU-T Video Coding Experts Group (VCEG). Although some agreements about the goals of an H.265 project have been reached, e.g. computational efficiency and high compression performance, no concentrated standardization effort is yet being conducted, due to insufficient readiness of technical advances at the moment; H.265 will be an entirely new standard and not an extension of H.264. Sources say that H.265 would be desired to be twice as efficient as H.264.[1][2]
While the current state of technology proposals does not yet seem mature for creation of a new H.265 standard, the study of potential such advances is a major part of the current work of VCEG. It is scheduled to be finalized in 2009-2010.