As now the world is contineously talking a lot about the effects of climate change on the existing and future generations of mankind and other creatures as well. The states and the corporations seem to adopt sustanability and ESG metrics into their operations on contineous basis .

The SDG 13 of UN talk about climate action. The most important legally binding treaty on climate change by 194 countries of the world is Paris agreement adopted in 2015 and enforced on November 4th, 2016.

The Paris Agreement is an international treaty that aims to limit global warming to well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit it even further to 1.5 degrees Celsius. The agreement was adopted by the United Nations Framework Convention on Climate Change (UNFCCC) in December 2015 and entered into force on November 4, 2016.

Some of the key features of the Paris Agreement include:

  • Nationally Determined Contributions (NDCs): Each country that is a party to the agreement is required to submit a plan, called a Nationally Determined Contribution (NDC), outlining its emissions reduction targets and strategies within the context of specific circumstances of that particular state.
  • Long-term goals: The Paris Agreement sets a long-term goal of reaching a balance between the amount of greenhouse gas emissions produced and the amount removed by sinks (such as forests and other carbon-absorbing systems) in the second half of this century.
  • Transparency and accountability: The agreement includes a transparency framework that requires countries to regularly report on their emissions and progress towards meeting their NDCs. It also establishes a compliance mechanism to ensure that countries are meeting their obligations.
  • Climate finance: The Paris Agreement recognizes the importance of providing financial resources to developing countries to help them reduce their emissions and adapt to the impacts of climate change. The term climate justice is getting its importance at a more vigorous pace now . The developed industrialized nations out to take the responsibility of carbon emissions and compensate the developing countries that have far less carbon emissions.
  • Loss and damage: The agreement recognizes the need to address the impacts of climate change that cannot be avoided, such as sea level rise, increased frequency and intensity of extreme weather events, and loss of biodiversity. In general, the Paris Agreement represents a global effort to address the threat of climate change and transition to a low-carbon, climate-resilient future. In the next few posts , we will explain each article of this ground breaking international treaty in more details.

Source. UN official website page , the extracts from the PDF copy of UN convention of international legally binding treaty on climate action and AI websites

#compliance #future #help #finance #events #climatechange #paris #gas #biodiversity

Shakeel A. Mian
Managing Partner
Prudential Middle East
info@pmeconsultingus.com
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