CLIMATE CHANGE – THE NEW GLOBAL AGREEMENT
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CONTEXT – CLIMATE CHANGE – THE NEW GLOBAL AGREEMENT
Under the United Nations Framework Convention on Climate Change (UNFCC), Governments agreed a new global climate agreement in December 2015, to come into effect by 2020. Access to finance, technology, and capacity building for developing countries was essential to the delivery of a successful outcome. Governments have committed to mobilising up to $200 billion per annum for developing countries from a variety of sources by 2020 to fight climate change and its effects.
Key elements of the new inter-governmental global agreement made in Paris in December 2015 include:
- Holding global average temperatures to less than 2C above pre-industrial levels and to “pursue efforts” to limit temperature increases to 1.5C.
- A non-binding decision for countries to review their national targets in 2020 and then every five years with a view to increasing their greenhouse gas cuts, and to hold regular global stocktakes of progress towards the collective temperature goal.
- A recognition that the $100bn a year in climate finance promised by 2020 should be a floor for ongoing assistance, and that the provision of finance should be regularly reviewed along with the national greenhouse gas reduction targets, with a new financing goal to be agreed by 2025.
A recognition that many countries will suffer losses and damage from the effects of climate change, but which specifically excludes any liability or compensation claims as a result of the agreement.