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The Paris Agreement on Climate Change appears to have been finalized and over 200 countries have signed on to it. It is mostly legally binding as well.
http://unfccc.int/resource/docs/2015/cop21/eng/l09.pdf
http://unfccc.int/resource/docs/2015/cop21/eng/l09.pdf
Governments have signalled an end to the fossil fuel era, committing for the first time to a universal agreement to cut greenhouse gas emissions and to avoid the most dangerous effects of climate change.
After 20 years of fraught meetings, including the past two weeks spent in an exhibition hall on the outskirts of Paris, negotiators from nearly 200 countries signed on to a legal agreement on Saturday evening that set ambitious goals to limit temperature rises and to hold governments to account for reaching those targets.
Government and business leaders said the agreement, which set a new goal to reach net zero emissions in the second half of the century, sent a powerful signal to global markets, hastening the transition away from fossil fuels and to a clean energy economy.
The deal was carefully constructed to carry legal force but without requiring approval by the US Congress - which would have almost certainly rejected it.
Six years after the chaotic ending of the Copenhagen climate summit, the agreement now known as the Paris Agreement for the first time commits rich countries, rising economies and some of the poorest countries to work together to curb emissions.
Rich countries agreed to raise $100bn (£66bn) a year by 2020 to help poor countries transform their economies. The overall agreement is legally binding, but some elements – including the pledges to curb emissions by individual countries and the climate finance elements – are not.
The deal was equally hailed for delivering a clear message to business leaders.
The International Investors Group on Climate Change, a network managing €13tn of assets, said the decision would help trigger a shift away from fossil fuels and encourage greater investments in renewable energy.
“Investors across Europe will now have the confidence to do much more to address the risks arising from high carbon assets and to seek opportunities linked to the low carbon transition already transforming the world’s energy system and infrastructure,” the group said.
Jennifer Morgan, of the environmental thinktank, the World Resources Institute, said the long term goal was “transformational” and “sends signals into the heart of the markets”.
The deal set a high aspirational goal to limit warming below 2C and strive to keep temperatures at 1.5C above pre-industrial levels – a far more ambitious target than expected, and a key demand of vulnerable countries.
It incorporates commitments from 187 countries to reduce emissions, which on their own would only hold warming to between 2.7C and 3C.But it sets out procedures for review at regular intervals to deepen emissions cuts, with countries aiming to peak global greenhouse gas emissions as soon as possible, and then rapidly scale down in the second half of this century.
Critics said the agreement would still condemn hundreds of million of people living in low-lying coastal areas and small islands, after US negotiators demanded the exclusion of language that could allow the agreement to be used to claim legal liability for climate change. But supporters said the negotiations took a significant step forward in getting countries to act together on a global challenge of immense complexity.
Saturday’s agreement was the product of years of preparation, two weeks of intense negotiations, capped off by three sleepless nights, with Barack Obama and Hollande phoning other leaders to bring them on side with the deal.
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