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Objectives of the Paris Agreement
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- To keep the global average temperature increase well below 2°C above pre-industrial levels.
- To strive to limit the temperature increase to 1.5°C above pre-industrial levels, acknowledging that this would significantly reduce the risks and impacts of climate change.
- The Agreement emphasizes achieving the global peaking of emissions by the second half of the century, recognizing the extended timeline for developing country Parties.
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Nationally determined contributions
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- The Paris Agreement mandates all Parties to present their best efforts through “nationally determined contributions” (NDCs) and enhance these efforts over time. This includes regular reporting on emissions and implementation efforts. In 2018, Parties will assess collective progress and prepare for NDC updates. A global stocktake will occur every 5 years to evaluate progress toward the Agreement’s purpose and guide further actions by Parties.
- The Paris Agreement became effective on November 4, 2016, with the first meeting of the Conference of the Parties serving as the Meeting of the Parties to the Paris Agreement (CMA 1) held in Marrakech, Morocco, from November 15-18, 2016. By the close of the Marrakech conference, it had been ratified by 111 countries representing over three-fourths of global emissions.
- While the agreement outlines parties’ basic obligations and establishes new procedures and mechanisms, full operationalization requires further details, collectively known as the “Paris rulebook.”
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Article 6
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Article 6 introduces three distinct mechanisms for “voluntary cooperation” towards climate goals. Two mechanisms are market-based, and a third is based on “non-market approaches.” Article 6.2 governs bilateral cooperation through “internationally traded mitigation outcomes” (ITMOs), potentially including emissions cuts measured in CO2 tonnes or renewable electricity kilowatt hours. Article 6.4 establishes a new international carbon market for trading emissions cuts created globally. Article 6.8 provides a formal framework for climate cooperation between countries without trade involvement, such as development aid.
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