FXstreet

It has been a month of tragedy and upheaval in Paris as a result of the terrorist attacks that killed 129 people throughout the city.

What are the main points of the “Paris Outcome”?

There are three elements, say London-based analysts E3G:

• The Paris Agreement: An enduring, legally binding treaty on climate action which contains emission reduction commitments from 187 countries starting in 2020. It will enter into force once 55 countries covering 55% of global emissions have acceded to it.
• COP Decision: The COP (Conference of the Parties) agreed a set of decisions with immediate effect to accelerate climate action and to prepare for the implementation of the Paris Agreement once it enters into force.
• Paris Action Agenda: Alongside the formal agreements at COP21 the large number of commitments for additional action to reduce emissions and increase resilience were made by countries, regions, cities, investors, and companies.

“This climate deal falls far short of the soaring rhetoric from world leaders less than two weeks ago,” Friends of the Earth CEO Craig Bennett said. “An ambition to keep global temperature rises below 1.5⁰C is all very well, but we still don’t have an adequate global plan to make this a reality. This agreement leaves millions of people across the world under threat from climate-related floods, droughts and super-storms.”


more...