Paris Agreement
The Paris Agreement is an agreement between Parties to the United Nations Framework Convention on Climate Change that recognises the need to address climate change through adaptation and mitigation measures as a nationally and internationally collaborative effort. Parties agreed to keep global temperature rises to below 2°C above pre-industrial levels.
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OVERVIEW
The Paris Agreement was established at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties on the 12th December 2015. It is not a legally binding agreement and it is recognised that Parties may choose to voluntarily contribute.
The key issues being addressed by the Agreement are:
- Sustainable development
- Climate change mitigation and adaptation
- Global greenhouse gas (GHG) emissions
- International and national collaboration
- Environmental compliance
The Agreement recognises the need for a collaborative and ongoing global response to the threat that climate change presents as observed from the most recent and robust scientific knowledge. This recognition extends to the additional challenges that developing country Parties are expected to face due to climate changes negative impacts.
There is also an emphasis placed on the importance of government engagement and communication across all levels nationally and internationally when addressing climate change mitigation and adaptation.
A key long-term objective of the Paris Agreement is to prevent average global temperatures from increasing 2°C since pre-industrial times with an effort to limit the temperature increase to 1.5°C above pre-industrial levels.
To achieve this, it is recommended that:
- Efforts to adapt to adverse climate change impacts should be increased and to lower GHG emissions in a way that does not reduce food yields in agricultural practices.
- It’s expected that GHG emissions reach a global peak as soon as possible.
- Action is taken to protect, enhance GHG sinks and reservoirs.
- Formulate and improve new and existing frameworks and policies to support the Agreement’s agenda.
Each Party is expected to identify nationally determined goals and targets that aim to contribute to the Agreement’s objectives and to promote domestic mitigation measures. It is the developed country Parties that should largely take responsibility in establishing emission reduction targets that apply across all sectors. Developing country Parties should pursue mitigation efforts and are encouraged to gradually transition to join the effort in emission reduction targets. These Parties are to receive support to encourage higher ambition in their efforts.
It is expected that all Parties adequately communicate their nationally determined contributions in a way that is clear, transparent and in alignment of the Agreements objectives. Parties are to reconvene and these communications are to occur every five years.
The notion of shared but differentiated responsibility is applied to different Parties’ responses to the Agreement. The Agreement respects differing national circumstances in relation to capabilities of climate change adaptation and mitigation and that effective implementation of the Agreement will require supporting developing country Parties.
It was agreed that Parties are able to withdraw from the Agreement three years after it enters into force with withdrawal coming in to effect one year after exit application has been made.
KEY INSIGHTS
- There is an urgent need for global collaboration in an effort to combat adverse climate change effects through enhanced mitigation and adaptation measures.
- The key objective is to address climate change through greenhouse gas emission reductions.
- It was agreed that efforts will aim to prevent an increase of average global temperatures of 2 degrees celsius since pre-industrial times.
- There needs to be enhanced and effective mode of support for developing countries as developed countries are looked upon to lead in this endeavour.
- Each participating country is to identify and determine a set of contributions in the form of targets and goals that can be measured.
- The Agreement is not legally binding but politically encouraged.
- The 2015 Paris Agreement will require Parties to re-evaluate and adjust their expendiature and implies that a more inclusive, holistic frameworks and policies that incorporate elements of sustainable finance.