On 12 December 2015, nearly 200 countries reached an agreement that many have described as a historic turning point for global cooperation in addressing climate change. This article looks at the key elements of the Paris Agreement, its legal status and potential implications for the energy sector.
Background to the Paris Agreement -
The Paris Agreement arose out of the 21st annual meeting (COP21) of the United Nations Framework Convention on Climate Change (Convention or UNFCCC), an international environmental treaty that entered into force on 21 March 1994. The Convention’s objective is to "stabilize greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system.” The Convention currently has 195 members and enjoys broad legitimacy, largely due to its nearly universal membership.
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