Historic Paris agreement concluded: The era of zero carbon investment starts now
Today Governments adopted a historic legally binding climate agreement in Paris.
Guy Verhofstadt, Leader of the Alliance of Liberals and Democrats for Europe commented:
"This is a historic agreement that should be warmly welcomed.Our focus must now be on implementation; the clock is ticking to keep global warming under 2 degrees."
"We should all be proud of the important role played by the European Union and it's institutions.This agreement shows what European countries can deliver if they unite and speak with one voice."
Gerben-Jan Gerbrandy, Member of the European Parliament Delegation at COP21 for the Alliance of Liberals and Democrats for Europe (ALDE) responded to the outcome:
"After all the hard work, this historic climate agreement gives a clear signal that the world has taken an irreversible step towards a low carbon economy. The old ways are over. Investors now have the guarantee that only zero carbon solutions will pay off."
Headline elements of the Paris agreement:
- National climate pledges, covering close to all global emissions, will be formalised and must be implemented through domestic policies.
- A binding review of ambition each five years, based on global stocktaking. A first softer review of ambition is to take place in 2019, before the agreement enters into force.
- The commitment to hold warming well below 2 degrees, while keeping 1.5 degrees warming as a benchmark, and a global objective to phase out all greenhouse gas emissions in the second half of the century.
- A growing amount of climate finance to be provided after 2020, which will increase from 2025 from the base of $100 billion.
- "Today we should praise this historic deal, but the real work will begin tomorrow. Individuals, governments and businesses must now start implementing the agreement. Only national policies and new investments priorities can give the Paris outcome legs."