Paris Climate Deal Was both Good or Bad

But CSE analyses say India will be under constant pressure to take more burden for mitigating climate change by 2020 and beyond, especially when the next review of all the nationally determined contributions of countries take place. The Liberal government has stated that it will develop and announce its Canada-wide approach within 90 days of signing the Paris Agreement.

The world’s largest greenhouse gas emitter, China, was criticized for trying to water down requirements for a common emissions-and-targets reporting system and opposing a process to require countries to update emissions-reductions goals every five years, advocating instead for voluntary updates. But as COP21 signals to investors that renewables are the future, investment in these clean technologies is set to grow. Negotiators agreed to establish by 2025 a new target to scale up climate finance. According to the International Energy Agency, agreed targets will mean that $US16.6 trillion will need to be spent on renewable energy technologies and efficiencies. Among progressive European leaders one may note a pronounced sense of ur-gency and a strong need for a global deal.

The pledge uniquely incorporates under one roof a diverse range of entities that are already committed to quickly mitigate emissions and adapt to the impacts of climate change. With all the understandable criticism of the United Nations for being ineffective and inefficient in many areas, it is worth recalling that only the United Nations is able to unite countries from all over the world with such widely varying interests on a topic as complicated and sensitive as climate change. “That’s a fundamental that we have always supported”, said Dirk Forrister, president of the International Emissions Trading Association. It is vital, they declared, that the world’s temperature does not climb much more than 1.5°C above pre-industrial levels; and yet they simultaneously celebrated a new climate agreement that got nowhere close to preventing such a rise. The mechanism rules for the use of internationally transferred mitigation outcomes (ITMOs), which can be used as part of a country’s actions to address climate change, need to be developed for a 2020 launch.

French Foreign Minister Laurent Fabius, President of COP 21, said: “Non-state actor leadership is key to the success of COP21 and to the effective transition to a low-emissions and climate-resilient future”. Twenty countries and a handful of the world’s richest individuals proposed a public-private initiative to raise US$20 billion for new green energy, with $2 billion coming from the private investors. The deal is ambitious without the necessary mechanisms to fulfil that ambition.

Most interestingly, for those who have been watching SunEdison’s performance of late, was its 12% jump on trading beginning Tuesday morning. It is vital that countries ratify this agreement so that what was decided comes into force. While providing a strong metric against which to measure progress, it is a high-stakes gamble as such an ambitious target runs the risk of delegitimizing the whole enterprise and particularly the United Nations, as the guarantor of countries’ rights and hundreds of millions of people who will be dislocated by global warming if no progress is achieved.

Of course, this jump was neatly placed after both the Paris Agreement as well as a buyout offer from a Buyer Group including the company’s Chairman and Chief Executive, Mr Jifan Gao. At the same time, it defines differentiated responsibilities in the light of national circumstances.

The results of the climate change conference in Paris (COP21) give no reason for small island states to cheer.

Nevertheless, the agreement was hailed by many world leaders. The developing countries are totally opposed to any such restrictions.

It is essential that certain details are elaborated upon while certain elements are strengthened. In this article, let us take a look at the development of this agreement and its highlights.

“I believe this moment can be a turning point for the world”, Obama said.