Following 14 days of marathon negotiations, world leaders united around a judicially binding global agreement on climate change at the UN climate summit in Paris. The climate agreement is a fundamental step towards a global, low-carbon transition that keeps world temperature below 2°C.
Prior to COP21, 186 countries put forward their reduction plans for a global climate agreement. The contributions cover 95% of global emissions. In comparison, the Kyoto protocal covered below 15% of global emissions.
Among others, the climate agreement contains a goal to keep global temperature below 2°C and will also “pursue efforts to” limit the temperature increase to 1.5°C. In addition, the parties agreed that global emissions must peak as quickly as possible and then be significantly reduced. The agreement also contains an ambition mechanism purposed to increase the global reduction efforts, which was a high priority for Denmark and the EU.
The agreement reinforces the goal for developed countries to mobilise USD 100 billion per year towards 2020 from public and private sources aimed at climate efforts in developing countries. At the same time, the parties have agreed to adopt a new financing goal no later than 2025.
The agreement also paves the way for climate financing from other sources in the future. For instance, growth economies can contribute with financing, while less developed countries can contribute by implementing policies that make it more attractive for the private sector to make climate investments.
”The agreement sends an important signal to the private sector that low emission is the future. All the world’s countries must now implement their reduction plans, and Danish business life is very well on track. We have developed many of the cost-effective solutions within renewable energy and energy efficiency, which the world now demands. A global climate agreement may be the beginning of a new Danish export adventure and the creation of Danish jobs,” says Lars. Chr. Lilleholt.
The global climate agreement is expected to come into force on 1. January, 2020.
Source: Danish Ministry for Energy, Utilities and Climate