To reach these ambitious and important goals, appropriate financial flows will be put in place, thus making stronger action by developing countries and the most vulnerable possible, in line with their own national objectives.
“The Paris Agreement allows each delegation and group of countries to go back home with their heads held high. Our collective effort is worth more than the sum of our individual effort. Our responsibility to history is immense” said Laurent Fabius, President of the COP 21 UN Climate change conference and French Foreign Minister.
The minister, his emotion showing as delegates started to rise to their feet, brought the final gavel down on the agreement to open and sustained acclamation across the plenary hall.
French President Francois Hollande told the assembled delegates: “You’ve done it, reached an ambitious agreement, a binding agreement, a universal agreement. Never will I be able to express more gratitude to a conference. You can be proud to stand before your children and grandchildren.”
UN Secretary General Ban Ki-moon said: “We have entered a new era of global cooperation on one of the most complex issues ever to confront humanity. For the first time, every country in the world has pledged to curb emissions, strengthen resilience and join in common cause to take common climate action. This is a resounding success for multilateralism.”
Agreement Captures Essential Elements to Drive Action Forward
The Paris Agreement and the outcomes of the UN climate conference (COP21) cover all the crucial areas identified as essential for a landmark conclusion:
- Mitigation – reducing emissions fast enough to achieve the temperature goal
- A transparency system and global stock-take – accounting for climate action
- Adaptation – strengthening ability of countries to deal with climate impacts
- Loss and damage – strengthening ability to recover from climate impacts
- Support – including finance, for nations to build clean, resilient futures
As well as setting a long-term direction, countries will peak their emissions as soon as possible and continue to submit national climate action plans that detail their future objectives to address climate change.
This builds on the momentum of the unprecedented effort which has so far seen 188 countries contribute climate action plans to the new agreement, which will dramatically slow the pace of global greenhouse gas emissions.
The new agreement also establishes the principle that future national plans will be no less ambitious than existing ones, which means these 188 climate action plans provide a firm floor and foundation for higher ambition.
Agreement Strengthens Support to Developing Nations
The Paris Agreement underwrites adequate support to developing nations and establishes a global goal to significantly strengthen adaptation to climate change through support and international cooperation.
The already broad and ambitious efforts of developing countries to build their own clean, climate-resilient futures will be supported by scaled-up finance from developed countries and voluntary contributions from other countries.
Governments decided that they will work to define a clear roadmap on ratcheting up climate finance to USD 100 billion by 2020 while also before 2025 setting a new goal on the provision of finance from the USD 100 billion floor.
Signing the Paris Agreement
Following the adoption of the Paris Agreement by the COP (Conference of the Parties), it will be deposited at the UN in New York and be opened for one year for signature on 22 April 2016–Mother Earth Day.
The agreement will enter into force after 55 countries that account for at least 55% of global emissions have deposited their instruments of ratification.
Cities and Provinces to Companies and Investors Aligning
Today’s landmark agreement was reached against the backdrop of a remarkable groundswell of climate action by cities and regions, business and civil society.
The scale of the Action Agenda globally is unprecedented, part of which is captured through Nazca and the LPAA:
- Over 7,000 cities, including the most vulnerable to climate change, from over 100 countries with a combined population with one and a quarter billion people and around 32% of global GDP.
- Sub-national states and regions comprising one fifth of total global land area and combined GDP of $12.5 trillion.
- Over 5,000 companies from more than 90 countries that together represent the majority of global market capitalisation and over $38 trillion in revenue.
- Nearly 500 investors with total assets under management of over $25 trillion