Definition

The Paris Agreement, often referred to as the Paris Accords or the Paris Climate Accords, is a legally binding international treaty on climate change. It was adopted by 196 Parties at COP 21 in Paris, on 12 December 2015 and entered into force on 4 November 2016.

https://www.youtube.com/watch?v=1DdfNU5iATU

This video is 8:31 minutes long

The Current State

Major steps in climate change action are required in order to achieve the goals of the Paris Agreement. However, since its creation, the agreement has sparked low-carbon solutions and new markets. Carbon neutrality targets are becoming more common in different countries, regions, and companies.

<aside> 💡 Tracking progress: Countries within the Paris Agreement established an enhanced transparency framework (ETF) to monitor progress. Starting in 2024, countries will begin to transparently report on their actions taken in climate change mitigation, current progress, adaptation measures, and required support.

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France:

France has been working to be at the forefront of the fight against climate change. This can be seen through a wide-ranging law that was passed in July of 2021 that was aimed to tackle climate change. It created a raft of bans, incentives and quotas on transportation, housing and consumption that are meant to lower greenhouse gas emissions and cut waste.

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(Note for when this reviewed - I thought it was important to talk about frances position and actions in regards to the Paris agreement, seen above. Should I do the same for the US? It seemed hard to summarize it briefly with all the different actions taken by Obama, Trump, and Biden - for example trumps withdrawal. Lmk)

What this means for businesses

Zero carbon solutions provide new opportunities for businesses. In economic sectors that represent 25% of global emission, zero-carbon solutions are becoming increasingly competitive. This trend has created many new opportunities in the power and transport sectors.

https://www.youtube.com/watch?v=gXvZS0R800M&ab_channel=WeMeanBusinessCoalition

1:35 minutes

<aside> 💡 The Paris Agreement is enabling businesses and investors to unleash a wave of innovation in low carbon technologies, create new services and products, reduce energy consumption, create new jobs, realize cost savings, and move investments away from high carbon assets. source

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