What Has the Paris Agreement Accomplished?

By Michael Ferguson

The Paris Agreement, signed in 2015, is a landmark agreement that aims to limit global warming to below 2°C above pre-industrial levels. It has been hailed as a crucial step in the international effort to combat climate change.

But what has the Paris Agreement accomplished so far? Let’s take a closer look.

Background of the Paris Agreement

The Paris Agreement was adopted by 195 countries at the United Nations Framework Convention on Climate Change (UNFCCC) Conference of Parties (COP21) in December 2015. Its goal is to strengthen the ability of countries to deal with the impacts of climate change and to reduce greenhouse gas emissions.

The Key Elements of the Paris Agreement

The Paris Agreement has several key elements, including:

Nationally Determined Contributions (NDCs): Each country sets its own emissions reduction Targets, which are submitted as NDCs. – Transparency and Accountability: Countries are required to regularly report on their emissions and progress towards meeting their NDCs.

Financial Support: Developed countries are expected to provide financial support to developing countries. – Technology Transfer: Developed countries are expected to assist developing countries with technology transfer and capacity-building.

What Has Been Accomplished So Far?

Since its adoption, the Paris Agreement has made significant progress in several areas:

Emissions Reduction Targets

As of 2021, 191 out of 197 signatories have submitted their NDCs. These Targets cover around 96% of global greenhouse gas emissions. Many countries have increased their ambition since the initial submission of their NDCs, indicating a willingness to take more aggressive action on climate change.

Renewable Energy

Renewable energy has become increasingly competitive with fossil fuels, leading to a significant increase in renewable energy deployment. In 2019, renewable energy accounted for 72% of new power capacity added globally.

Carbon Pricing

Carbon pricing has been implemented in several countries and regions, including the European Union, China, and California. These policies create financial incentives for companies to reduce their emissions.

Challenges and Criticisms

Despite the progress made since the adoption of the Paris Agreement, there are still significant challenges that need to be addressed:

Ambition Gap: Many countries’ NDCs are not ambitious enough to limit global warming to below 2°C.
Lack of Financial Support: Developed countries have not provided enough financial support to help developing countries transition to low-carbon economies.
Political Will: The Paris Agreement relies on the political will of governments and can be vulnerable to changes in leadership.

Conclusion

The Paris Agreement has accomplished a great deal since its adoption. It has led to increased ambition on emissions reduction Targets, significant growth in renewable energy deployment, and the implementation of carbon pricing policies.

However, there is still much work to be done. To achieve its goal of limiting global warming to below 2°C, stronger ambition from countries is needed along with increased financial support from developed countries.