THIS AGREEMENT (IN LEGAL TERMS, AN AGREEMENT IS LESS BINDING THAN A PROTOCOL) WAS ADOPTED WITHIN THE FRAMEWORK OF THE UNITED NATIONS FRAMEWORK CONVENTION ON CLIMATE CHANGE. IT IS UNIVERSAL IN SCOPE AND CONSISTS OF 29 ARTICLES.
THE MAIN OBJECTIVE OF THE AGREEMENT IS TO LIMIT GLOBAL WARMING TO WELL BELOW 2 DEGREES CELSIUS ABOVE PRE-INDUSTRIAL LEVELS, INCLUDING FURTHER EFFORTS BY THE SIGNATORY COUNTRIES TO LIMIT THE TEMPERATURE INCREASE TO 1.5 DEGREES CELSIUS.
THE REASON FOR NOT EXCEEDING 2ºC IS THAT SCIENTISTS ESTIMATE THAT ABOVE THIS TEMPERATURE THERE ARE GREAT RISKS FOR THE PLANET.
HOWEVER, NO SPECIFIC TARGETS ARE SET FOR ACHIEVING THE MAIN OBJECTIVE MENTIONED, WHICH IS A LONG-TERM GOAL.
IT IS SIMPLY STATED THAT "THE PARTIES AIM TO ACHIEVE PEAKING OF GREENHOUSE GAS EMISSIONS AS SOON AS POSSIBLE, BEARING IN MIND THAT DEVELOPING COUNTRIES WILL TAKE LONGER TO ACHIEVE THIS, AND THEREAFTER TO REDUCE GREENHOUSE GAS EMISSIONS RAPIDLY (...)
IN ADDITION, AT THE LAST MINUTE, TO FACILITATE CONSENSUS, THE VERB FORM HAS BEEN CHANGED IN ONE OF THE KEY PHRASES: "SHALL" HAS BEEN REPLACED BY "SHOULD REDUCE EMISSIONS".
THE "HOW" IS LEFT TO EACH COUNTRY TO DECIDE: "EACH PARTY SHALL PREPARE, COMMUNICATE AND MAINTAIN SUCCESSIVE NATIONALLY DETERMINED CONTRIBUTIONS IT INTENDS TO MAKE.
COUNTRIES SHOULD INCORPORATE THE AGREEMENT INTO THEIR NATIONAL LEGISLATION IN A FORMULATION OF THEIR CHOICE. IN 2020, THEY MUST SUBMIT THEIR GREENHOUSE GAS EMISSION REDUCTION COMMITMENTS, WHICH CAN NEVER BE LOWER THAN THOSE ALREADY SUBMITTED PRIOR TO THIS AGREEMENT.
THE PARTIES WILL UNDERTAKE TO REVIEW THEIR COMMITMENTS ON A FIVE-YEARLY BASIS. HOWEVER, THE FIRST REVIEW WILL IN THEORY NOT TAKE PLACE UNTIL 2023 AND THE FIRST OFFICIAL REVIEW IS SET FOR 2025.
THE FIRST PHASE OF FINANCING IS FORESEEN UNTIL 2020, IN WHICH THE SIGNATORIES MUST INCLUDE A TOTAL OF 100 BILLION DOLLARS PER YEAR. AFTER 2025, THIS AMOUNT WILL BE ADJUSTED UPWARDS. DEVELOPING COUNTRIES (INDIA, BRAZIL AND CHINA, WHICH ARE AMONG THE COUNTRIES THAT CONTRIBUTE MOST TO GHG EMISSIONS, ARE INCLUDED IN THIS GROUP) WILL CONTRIBUTE TO THE FUND ON A VOLUNTARY BASIS.
IN RELATION TO MONITORING, THE METHODOLOGY WILL BE THE SAME FOR ALL, I.E. COUNTRIES WILL HAVE TO UNDERGO THE SAME PERIODIC REVIEWS AND WILL HAVE TO FILL IN THE SAME FORMS RELATING TO THE ACHIEVEMENT OF THEIR TARGETS IN RELATION TO GAS REDUCTION AND FINANCING.
FOR IT TO ENTER INTO FORCE, A NUMBER OF COUNTRIES REPRESENTING AT LEAST 55% OF GLOBAL GREENHOUSE GAS EMISSIONS WILL HAVE TO RATIFY IT. THE DEADLINE IS FROM 22/04/2016 TO 21/04/2017.
