The agreement is the first to ask all countries to join the fight against global warming and represents a major change in U.N. action that previously required only wealthy nations to reduce their greenhouse gas emissions.
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Delegates from 195 nations reached the unprecedented agreement on Saturday in the French capital after years of often fruitless negotiations for a legally binding deal to limit carbon emissions.
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Highlights of the agreement include calls for limiting global temperature increases to below 2 degrees Celsius above pre-industrial levels, but it has an ultimate goal of keeping temperature rises below 1.5 degrees.
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US President Barack Obama said it was “a turning point for the world” and China, the world’s biggest polluter, and India have also hailed the talks. “It creates the mechanism, the architecture, for us to continually tackle this problem in an effective way”.
The IEA, whose executive director Fatih Birol had earlier in the conference emphasized the role that market signals could play in attracting investment in low-carbon technologies, said it was ready to support the implementation of the Paris Agreement by helping countries track the transition of the energy sector and by promoting innovation and technology transfer.
“The agreement even establishes, for the first time, that we should be aiming for 1.5°C, to protect island states, which are the most threatened by the rise in sea levels”.
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“We are not happy in areas to do with funding and financing as it relates to the issues of losses and damages”, he said.
Under the deal, the USA agreed to cut emissions 26% by 2025.
“The Paris agreement therefore asks all countries to review these contributions every five years from 2020; they will not be able to lower their targets and are encouraged, on the contrary, to raise them”.
The deal builds on the participation of 187 countries that submitted post-2020 climate action targets in advance of the meeting. Due to disagreements, the pact did not become legal until 2004.
But not everyone was happy with the final agreement’s treatment of financing climate resilience in the world’s poorest regions.
He said: “The deal in Paris shows that politicians are plodding behind that popular global movement. This will only ramp up adaptation costs further in the future”.
Not only that, developed countries will also be required to help developing countries in this process, with developed countries having to send $100 billion per year to developing countries, a figure that is set to increase with time.
Rainforest Action Network (RAN) said it views it with “both hope and disappointment”. We are happy that agreement differentiates between developed and developed nations.
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Obama has long sought to make combating climate change a significant part of his domestic presidential legacy but has been stymied by Congress, which hasn’t approached significant legislative action on climate change since a cap-and-trade bill failed in 2009 and 2010.
