Paris Agreement

Definition

The Paris Agreement is a landmark international treaty aimed at addressing climate change by limiting global warming to well below 2 degrees Celsius, with efforts to limit the temperature increase to 1.5 degrees Celsius above pre-industrial levels. This agreement encourages countries to set their own nationally determined contributions (NDCs) and requires them to report regularly on their progress, creating a framework for international cooperation and accountability in reducing greenhouse gas emissions.

5 Must Know Facts For Your Next Test

1. The Paris Agreement was adopted on December 12, 2015, during the 21st Conference of the Parties (COP21) in Paris, France.
2. As of now, nearly every country in the world has ratified the agreement, demonstrating a global commitment to combat climate change.
3. The agreement emphasizes a 'bottom-up' approach where each country sets its own emission reduction targets based on its national circumstances.
4. Developed countries are expected to provide financial assistance to developing nations to help them transition to low-carbon economies and build resilience against climate impacts.
5. The agreement includes a review mechanism known as the 'global stocktake' that occurs every five years to assess collective progress toward achieving its goals.

Review Questions

• How do Nationally Determined Contributions (NDCs) function within the framework of the Paris Agreement?
  • Nationally Determined Contributions (NDCs) are essential components of the Paris Agreement, as they represent individual countries' pledges to reduce greenhouse gas emissions. Each country sets its own targets based on its unique circumstances and capabilities, promoting accountability and flexibility. These NDCs must be submitted every five years, reflecting an increasing level of ambition over time. This mechanism allows for a tailored approach while still contributing to the collective goal of limiting global warming.
• Discuss the significance of climate finance in the context of the Paris Agreement and its impact on global climate initiatives.
  • Climate finance is critical under the Paris Agreement as it provides necessary resources for developing countries to effectively implement their NDCs and enhance resilience against climate impacts. By supporting projects in renewable energy, sustainable agriculture, and disaster preparedness, climate finance helps level the playing field between developed and developing nations. The commitment of developed countries to mobilize $100 billion per year by 2020 demonstrates global solidarity and recognition of shared responsibilities in combating climate change.
• Evaluate how the Paris Agreement influences corporate environmental responsibility and stakeholder engagement strategies across industries.
  • The Paris Agreement significantly shapes corporate environmental responsibility by prompting businesses to align their operations with international climate goals. Companies are increasingly setting their own science-based targets for emissions reductions in response to regulatory pressures and stakeholder expectations. Additionally, engagement with stakeholders—including investors, consumers, and communities—has become vital for businesses seeking transparency and accountability regarding their environmental impact. As a result, many firms are adopting sustainable practices not only to comply with regulations but also to enhance their brand reputation and drive long-term profitability.

Related terms

Nationally Determined Contributions (NDCs): The commitments made by countries under the Paris Agreement to reduce their greenhouse gas emissions and adapt to climate change, which are submitted every five years.

Greenhouse Gas Emissions: Gases that trap heat in the atmosphere, contributing to global warming and climate change, including carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O).

Climate Finance: Financial resources provided to support developing countries in their efforts to mitigate and adapt to climate change, as encouraged by the Paris Agreement.