The Paris Agreement that was signed at the Paris Climate Conference in December 2015 has come into force on 4 November 2016.
It’s a landmark moment in history as it encapsulates the global political, economic and social wills of governments, people, businesses and investors to combat the threat of climate change.
Next week’s UN climate change conference in Marrakech represents a new departure for the international community, and the first meeting of the Paris Agreement’s governing body, known as the CMA, will take place during it on 15 November.
The next 15 years are crucial as the aim is to see significant reduction in greenhouse gas emissions with simultaneous efforts to build societies that can resist rising climate change impacts.
Currently, the global greenhouse emissions are not yet falling, which is a prime concern that needs to be addressed at the Marrakech meeting.
The World Meteorological Organisation confirmed that the carbon dioxide levels reached the concentration of 400 parts per million in 2015 for the first time and 2016 saw the record being broken.
The world is not even close to being on track for meeting the goals of the Paris Agreement of keeping the global warming below 2°C and as close to 1.5°C as possible. As the world inches toward dangerous climate tipping points, it’s getting closer to losing the ability to control the outcome of global warming.
Governments are now more accountable than ever for driving change through stronger, more climate-friendly policies, because they have the resources to do so.
For developing economies, especially the likes of India, the western states have agreed upon helping them strengthen technologically and financially, to ensure they can build sustainable and clean energy futures for themselves.
Most importantly, it is the non-party stakeholders’ commitment to lower carbon emissions and aid governments in the fight against climate change.
The Marrakech COP 22 aims to define the pathway for developed nations to materialise the flow of $100 billion per year till 2020 in support of climate action.
UN estimates reveal that the achievement of sustainable development will require $5-7 trillion a year, a large portion of which has to fund the transition to a low-carbon, resilient world economy.
New creative funding options will have to be devised which go beyond public and private sector flows. UN data show that the financial flows of the past few years can make one trillion dollars a year easily attainable.
This means governments, the multilateral and the private sector raising and allocating tens of billions of dollars at a time towards climate investments.
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