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The United Nations Framework Convention on Climate Change describes The Paris Agreement as being a ”legally binding international treaty on climate change”. Adopted by 196 countries and regions, it entered into force on November 4th, 2016. Basically, the goal of the treaty, a long-term one, is to limit global warming to below 2, preferably 1.5 degrees Celsius, compared to the pre-industrial level. Companies are expected to reach their peak in greenhouse gas emissions as soon as possible, in order to achieve a climate-neutral world by mid-century.
The Paris Agreement stipulates that all countries, including major emitters, must submit and update their greenhouse gas reduction targets every five years, report on their implementation status in a common and flexible manner, and undergo reviews. (carbon-markets.env.go.jp)
How The Paris Agreement works
”Implementation of the Paris Agreement requires economic and social transformation, based on the best available science. The Paris Agreement works on a 5-year cycle of increasingly ambitious climate action carried out by countries. By 2020, countries submit their plans for climate action known as nationally determined contributions (NDCs).” (unfcc.int)
All the countries that have joined The Paris Agreement have to present their plans containing the actions they will undertake to reduce greenhouse gas emissions. These are long-term strategies that bring countries together in the fight against accelerated global warming. For those countries that don’t have the capacity to support the actions, The Paris Agreement provides a framework for financial, technical, and capacity-building support.
What The Paris Agreement's impact has been so far
Although this is just the tip of the iceberg, and massive solutions must be taken into account, at a larger scale, The Paris Agreement has managed to determine the creation of low-carbon solutions and new markets, as well as bringing nations together in this collective goal. “More and more countries, regions, cities, and companies are establishing carbon neutrality targets. Zero-carbon solutions are becoming competitive across economic sectors representing 25% of emissions. This trend is most noticeable in the power and transport sectors and has created many new business opportunities for early movers”. (unfcc.int)
What are the next steps?
“We need commitments that will deliver a reduction of emissions by 45% by 2030, so we can reach net-zero emissions by mid-century” – Antonio Guterres, United Nations Secretary-General. (un.org)
In order to achieve the goals stated in The Paris Agreement, not just the top greenhouse gas emitters should get seriously involved in undertaking actions, but a worldwide sustained effort should be adopted. To achieve the goal, the Parties to The Paris Agreement have been provided with a rulebook, the Katowice package. “Adopted at the UN climate conference (COP24) in December 2018, it contains common and detailed rules, procedures, and guidelines that operationalize the Paris Agreement”. (climate.ec.europa.eu)
