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How Climate Deal Will Affect Markets

I had the chance to speak with one of the negotiators for small island nations who were among those pushing hardest for a robust deal given that their have the most to lose with rising sea levels from global warming. In doing so, they have significantly advanced efforts to uphold our Charter mandate to “save succeeding generations”.

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Noting that the agreement unequivocally acknowledges the imperative of climate justice, Mr Bishnoi said the deal based itself on the principles of equity and common but differentiated responsibilities.

Leaders from almost 200 countries agreed to a deal over the weekend that intends to reverse, or at least limit, the rise in global temperatures by reducing greenhouse gases. Richer countries will also provide financial help to poorer countries to adapt to climate change and switch to renewable energy. Considering the challenges facing humanity, this is a much needed starting point, which will be aided by the stronger action by the developed countries to offer assistance to the States most at risk from the consequences of climate change. But in communities in Scotland and around the world, the fight for climate action continues.

I have participated in every United Nations climate conference.

The landmark agreement was reached against the backdrop of a remarkable groundswell of climate action by cities and regions, business and civil society, including the public transport sector. The Paris climate pact does not alter that view.

What was once unthinkable is now unstoppable. As our Prime Minister (Narendra Modi) said, we are all winners in the Paris outcome.

“Cold weather does not disprove warming climate”, he said. This sent a strong signal to the rest of the developing nations that it was time to stop using the argument that global warming is a problem created by the Western nations, which industrialized earlier, as a reason to do nothing.

Currently, these national targets have already significantly bent the emissions curve downwards. According to some analysis, it could even put us over 3 degrees.

In practice that means two things: First, countries will be required to update their national inventories of carbon emissions, and targets set to reduce those emissions, every five years.

But U.S. Sen. Ron Johnson, an outspoken critic of Obama’s Clean Power plan said the president must tell American taxpayers their possible share of the Paris agreement’s $100 billion fund aimed at curbing emissions in developing countries.

What does the climate change deal contain? They got both, though with some caveats.

Calling for a “complete decarbonization” of developed economies by 2030, scientists at a press conference on Friday expressed concern that the language in the Paris Agreement does not “operationalize” the aspirational language of net-zero emissions. We saw a giant polar bear reminding us of the rights of the indigenous peoples worldwide whose lives are being impacted by climate change. The Paris Agreement has positive implications for all the Sustainable Development Goals.

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Green groups said the task now falls to ordinary folk to pressure governments into making sure commitments given at the end of the recent United Nations climate summit in Paris become a reality. As a first step in implementing the Paris Agreement, I will convene, as requested by the Agreement and by the Convention, a high-level signing ceremony in NY, on 22 April next year. World leaders must increase commitments review commitments in 2023 and scale up in 2025.

French foreign minister and President of the COP21 Laurent Fabius center applauds while United Nations Secretary General Ban Ki-moon left and French President Francois Hiollande applaud after the final conference of the COP21 the United Nations confe