Why the Paris climate agreement matters, and what happens next

Emily Byrne has been working on climate policy for both the British and Australian governments for the last six years.

We have a deal from the Paris talks! I’m stoked. Many people have worked for many years to make this agreement happen, and it’s at the most optimistic end of what I could have hoped for. Here’s my take on why it matters so much:

It sets long-term transformational goals

The aim is to keep global average temperature rise well below 2 degrees, pursuing the stronger goal of  1.5 degrees if possible. And the deal sets out a long-term goal of net zero emissions in the second half of this century, showing that the world is committed to decarbonising. These goals matter: they are a clear signal to investors, businesses, and planners of all kinds about the extent of change that will need to happen in the next few decades.

Action is happening across the board

195 countries agreeing to the deal is a lot of countries. Pledges to reduce emissions covering 95% of the world’s emissions is a lot of coverage. But in many ways I’m most encouraged by the action that’s happening alongside the negotiations.

To take just two examples, nearly 120 companies representing more than $10 trillion in assets have now signed the Montréal Carbon Pledge, which means they will measure and disclose the carbon footprints of their investment portfolios. And the flagship Mission Innovation initiative was launched in Paris, by 20 world leaders (both Australia and the UK have signed up), alongside 27 large investors, led by Bill Gates. Mission Innovation will double the investment for innovation in low carbon technology and clean energy research. It aims to make a technology step change happen cheaper and faster.

Because tackling climate change is going to require action at all levels, not just from negotiators, it’s great to see so much happening already.

It’s only going to get bigger

Now the challenge for all countries is bringing the momentum of Paris home.

The UK has started work on this: it will phase out unabated coal by 2025 and is taking action in many other sectors, from promoting low emission vehicles to reducing short-lived climate pollutants. And providing climate finance for developing countries too – spending £5.8 billion over the next five years. Already the UK has reduced its emissions by 30% compared to 1990 levels, and there is more action to come.

As the costs of low carbon technologies come down, countries will be able to step up their targets on reducing emissions. And the Paris deal means that all countries will be accountable for their actions internationally. In 2020, countries will be expected to update their plans to cut emissions by 2030. Countries will also be legally obliged to make new post-2030 commitments to reduce emissions every 5 years, from 2025. For the first time, all countries will be held accountable by independent review for acting according to their pledges.

Overall the Paris deal is a really big step forward, and deserves the ‘historic’ labels that have been flying around since the weekend. Of course more needs to happen now Paris has succeeded, but right now I’m taking a few moments to celebrate.