The aim of the Paris Agreement
The Paris Agreement is a legally binding, international treaty under the United Nations Framework Convention on Climate Change (UNFCCC). As at September 2022, 193 states and the EU, representing over 98% of global emissions had ratified the Paris Agreement. The primary aim of the Paris Agreement is to limit global warming to well below 2DegC and preferably to 1.5DegC compared to pre-industrial levels. Of course achieving this aim will require huge global investment along with an economic and social transformation.
The challenges faced relating to climate change are likely to evolve as progress is made so the Paris Agreement is intended to address both current and future challenges. In this context, The Paris Agreement operates on a five year cycle of increasingly ambitious climate action targets.
One of the current and upcoming requirements is focused on reporting. Starting in 2024 countries will be required to transparently report actions taken and collective progress will be assessed on a global scale.
It is this process that will afford opportunities to identify ever increasingly ambitious targets for the next five year cycle.