A historic new climate change agreement, for the first time requiring all countries to undertake action on climate change was agreed in Paris on Saturday 12 December. The treaty was made at the 21st Conference of the Parties under the UN Framework Convention on Climate Change.
The Paris Agreement aims to limit temperature rise to between 1.5 and "well below" 2 °C, with net-zero GHG emissions by 2100, provides 5-yearly periods for increasing national targets and interim global stock-takes, and also commits developed countries to $100bn per annum in finance from 2020. The agreement marks a strong statement of intent by the Parties under the UN Framework Convention on Climate Change.
As called for in our Paris Puzzle papers, IPIECA welcomes a clear and effective agreement on climate change. We support and encourage governments in their efforts to reduce greenhouse gas emissions and manage the risks of climate change while meeting global energy demand and supporting economic development. The oil and gas industry has an essential role to play in helping society to meet the challenge.
In 2016 we will continue to work with our members and stakeholders on the pathway to a low-emissions future.
- Climate & Energy
- 14 December 2015