World Agrees to Historic Climate Deal
More than 190 countries came together to adopt the most ambitious climate change agreement in history. The Paris Agreement establishes a long term global framework to reduce global greenhouse gas emissions (GHG). For the first time, all countries committed to ambitious climate targets with transparency and a standardized process for reporting and review.
The agreement sets a warming goal to hold the increase in average global temperature to below 2 degrees Celsius or pursue 1.5 degrees Celsius above pre-industrial levels, and acknowledges that countries should aim to peak GHG emissions as soon as possible. Reports on global greenhouse gas emissions by source will provide transparency and greater understanding of global emissions and pollution.
The agreement establishes a universal approach for all countries, moving past differential categories of developed and developing nations. Instead, all countries will prepare, communicate and maintain successive and ambitious nationally determined climate targets. Climate targets will be updated with a goal toward highest possible ambition with a new nationally determined contribution in 2020 and every five years thereafter.
The agreement allows targets to progress over time to drive greater climate ambition. An assessment mechanism to monitor progress on global mitigation will begin in 2018.
A shift in global investment towards clean energy, forest protection, and climate resilient infrastructure will result from the Paris Agreement, and a strong, long-term market signal will provide confidence and certainty for investment in clean technologies.