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In short: The Paris Agreement; History is Made.

Original Author: Assent Risk Management
Original Links: http://www.assentriskmanagement.co.uk/blog/comments.php?y=15&m=12&entry=entry151214-153340

 

For two weeks, the leaders of almost 200 countries have been residing in Paris to take part in negotiations about climate change. Now, a deal has been struck which will see all countries bound in a pact to cut carbon emissions in order to prevent the global temperature rising more than 2 degrees centigrade.

The first of its kind, the Paris Agreement is partly legally binding and partly voluntary. It is supported by the group of developing countries known as G77, and was met by a standing ovation and cheers as French Foreign Minister Laurent Fabius struck the gavel to signal the official adoption of the deal. The agreement will come into effect in 2020 giving all countries involved the chance to make necessary changes and preparations.

Although U.S. President Barack Obama stated the deal was not “perfect”, he labelled it “the best chance to save the one planet we have”. Participants spoke of a unified and positive atmosphere with no objections raised.

The Main Points:

* $100 Billion a year in climate finance will be provided for developing countries, with a commitment to further finance in the future.
* To keep the global temperature increase “well below” 2 degrees centigrade, with every effort made to keep it below 1.5 degrees centigrade.
* As soon as possible, greenhouse gas emissions must be peaked. In the second half of this century, a balance must be struck between the sources and sinks of greenhouse gases.
* Progress will be reviewed every 5 years.