World agrees historic global climate deal
Monday December 14th, 2015
A historic new global climate agreement has been struck at the United Nations conference on climate change in Paris.
For the first time ever 195 countries, including the world’s largest emitters, have now committed to act toge ther to combat climate change and be held equally accountable.
The deal sets out a clear long-term goal of net zero emissions by the end of the century and with this long-term goal the countries involved send a strong signal to investors, businesses, and policy-makers about the shift to a low carbon economy and provides confidence that will help drive the scale of investment needed.
From 2025, Countries will also be legally obliged to make new post-2030 commitments to reduce emissions every 5 years. For the first time, all countries will be held accountable by independent review for acting according to their pledges.
This agreement now recognises the role of emerging economies in mobilising resources and contributing finance over time as well – with all developed countries collectively mobilising $100 billion per year from both the public and private sector.
Commenting on the deal Energy and Climate Change Secretary Amber Rudd said:
“We have witnessed an important step forward, with an unprecedented number of countries agreeing to a deal to limit global temperature rises and avoid the worst impacts of climate change. This is vital for our long-term economic and global security.”
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