In December 2015, representatives from 195 countries created history in Paris, by agreeing to a comprehensive climate change deal that will commit nearly every country to lowering planet-warming greenhouse gas emissions besides giving a boost to clean energy business.
The 5 most important key components of this treaty are:
- Temperature Target – The new agreement sets a goal of limiting global warming to “well below 2 degrees Celsius”, or 3.6 degrees Fahrenheit, above pre-industrial levels and “to pursue efforts to limit the temperature increase to 1.5 degrees Celsius”, or 2.7 degrees Fahrenheit, above pre-industrial levels through 2100.
- Ratchet Mechanism – The agreement provides a timetable for countries to take stock of their emissions reduction commitments and make additional, more ambitious pledges.
- Financial Assistance – Setting a floor of climate aid to developing nations at $100 billion, and calling for five-year review cycles of climate finance commitments.
- Long-Term Goal – The long-term goal of the agreement is to send a strong signal to world capitals and financial markets that fossil fuels like coal and oil are on their way out, and that there needs to be a massive scaling up of investments in clean energy.
- Loss and Damage – The agreement directs countries to create a process to address losses and damage from unavoidable climate impacts.
On the occasion of Mahatma Gandhi’s birth anniversary, October 2 2016, Prime Minister Narendra Modi announced that India would ratify the Paris Agreement. This move has been appreciated by environmentalist as India is world’s third largest emitter of greenhouse gases.
- UN Secretary-General Ban Ki-moon lauded India’s “climate leadership”, saying, India’s ratification of the Paris agreement moves the world an “important step closer” toward achieving its climate goal.
- To cut down emissions, India has pledged to increase its clean energy share — solar and wind — by 40% by 2022.
- By ratification, India has shown that it is a serious global player in climate negotiations.
- The pact will come into force after it has been ratified by at least 55 countries which account for 55 per cent of global greenhouse gas emissions. With India’s move, a total of 62 countries accounting for almost 52 per cent of emissions have now ratified the accord.
- “India’s leaders are standing shoulder to shoulder with the global community on climate change, a common challenge that unites us all,” Manish Bapna, Executive Vice President and Managing Director, World Resources Institute (WRI).
- This step will make India move quickly to achieve its ambitious renewable energy goals.
Sources: India Today / ET / TOI / HT / News18