What is the Paris Agreement & Why is IT important?
At COP 21 in Paris, on 12 December 2015, the 197 countries signed up to the United Nations Framework Convention on Climate Change (UNFCCC) - the Parties - reached a landmark agreement to join forces in a collective effort to combat climate change and adapt to its effects.
The Paris Agreement’s central aim is to strengthen the global response to the threat of climate change by keeping a global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius.
- United Nations Climate Change
The Paris Agreement requires all Parties to put forth their best endeavors through “nationally determined contributions” (NDCs) to accelerate investment, increase effort over time, report regularly on their emissions/progress, and participate in a global stocktake every 5 years.
This was a milestone in the global climate effort because for the first time, all nations were united under a common cause to undertake the ambitious actions required to secure a sustainable low carbon future, specifically support developing countries in implementation and adaptation, hold each other accountable, and also measure collective progress.
How do we reach the targets?
In short, money, innovation, and capacity:
To reach these ambitious goals, appropriate mobilization and provision of financial resources, a new technology framework and enhanced capacity-building is to be put in place, thus supporting action by developing countries and the most vulnerable countries, in line with their own national objectives.
- United Nations Climate Change
The 29 different articles in the Paris Agreement summarizes the crucial areas of focus:
Long-term temperature goal (Art. 2)
Global peaking and 'climate neutrality' (Art. 4)
Mitigation (Art. 4):
Sinks and reservoirs (Art. 5)
Voluntary cooperation/Market- and non-market-based approaches (Art. 6)
Adaptation (Art. 7)
Loss and Damage (Art. 8)
Finance, technology and capacity-building support (Art. 9, 10 and 11)
Climate change education, training, public awareness, public participation and public access to information (Art. 12)
Transparency (Art. 13), implementation and compliance (Art. 15)
Global Stocktake (Art. 14)
To read about each focus area in more detail, click here.
WHAT ARE WE DOING TO HELP?
At Artesian Impact Partners, we have thought long and hard about what we can personally do to move the needle in climate change. The gaps we seek to bridge as a firm include the following:
Funding Gap: Moving capital at scale towards the $90T climate resilient infrastructure shortfall
Technology Gap: Commercializing innovation and enabling market access for entrepreneurs
Engagement Gap: Facilitating conversation and collaborative partnership
Measurement Gap: Raising our standards around impact metrics and creating frameworks for measurement
In response, we have launched a platform to host the climate change conversation and play our part in empowering the world through clean energy - check out The Power Gap.
We also launched the Clean Energy Seed Fund in partnership with the Australian Government in 2016 and the High Impact Green Debt Fund to help move capital at scale towards the annual $6T climate-resilient infrastructure funding gap (learn more).