The adoption of the historic agreement at the United Nations Climate Change Conference in Paris on Dec. 12 was an “unprecedented political victory” and “turning point” toward sustainable international development, the French Embassy announced last week.

Publicizing a statement from the French Ministry of Foreign Affairs and International Development, the diplomatic mission stressed that the legally binding accord among 195 participating nations ― to cap global warming at 2 degrees Celsius above preindustrial levels ― “struck the right balance between ambition, commitment, and solidarity.”

By ambition, the global coalition agreed on a long-term roadmap to rein in worldwide temperature rise “well below” the 2-degree-Celsius threshold, with an aim to reach the 1.5-degree-Celsius target. Through Intended Nationally Determined Contributions detailing each country’s goals by 2025 or 2030, all participating countries will attempt to reach their emissions peak level as soon as possible and undertake rapid reductions thereafter.

By commitment, the governments concurred to meet every five years to set more ambitious targets defined by science. Adhering to a robust system of transparency and accountability, they will report to each other and the public on their progress. A global review will be carried out every five years from 2023 onward with an initial meeting in 2018.

By solidarity, the developed countries, which have largely contributed to global warming during their industrializing years, will assist developing countries meet their targets. The richer economies will provide aid in transition to renewable energies, deforestation efforts and implementation of sustainable agriculture. They have also proposed $100 billion support per year for loss and damage until 2025, covering those adversely affected by climate change.

In particular, the European Union has played a key role, building a broad coalition across developed and developing countries, according to the embassy.

Analysts note that the accord will send a strong signal to businesses, investors, local governments and citizens that the world economy will turn away from high-emitting industries of fossil fuel, coal and gas, toward low-carbon, renewable energies, such as solar, wind, hydro, geothermal and biomass. Investments in clean energies will rise, while the polluting sectors will experience divestment, they forecast.

“The agreement will enable people everywhere to breathe cleaner air, access to a decent quality of life and see their fundamental rights respected,” the embassy claimed. “It will help reduce risks of conflict arising from competition for nonrenewable resources and ill-managed climate impacts.”

On Dec. 16, over 800 stakeholders representing municipalities, provinces, companies, investors and citizens worldwide urged a quick and effective implementation of the Paris Agreement.

Jeffrey Frankel, a professor of capital formation and growth at Harvard University, said that the prime achievement of Paris was setting concrete steps toward decarbonization, as opposed to lofty, unachievable goals. Carrying out the more aggressive target of reaching 1.5-degree-Celsius limit would be “desirable,” he said, but the deal was a “reasonable outcome in a difficult situation.”

Frankel also expressed concerns over the stated $100 billion finance from rich countries to the poor, as the “moral pledge” was not included in the legally binding body of the agreement. The problem is that the rich countries fear the money might disappear into the pockets of local elites, while the poor countries question the feasibility of reparation, he asserted.

Experts have argued that the best way to carry through the dilemma is to heed the agreed emissions targets, with greater efforts and earlier emissions peak deadlines by developed countries.

Jeffrey Sachs, the director of the Earth Institute and the U.N. Sustainable Development Solutions Network, emphasized that the critical timeline was not 2030, but 2070 for full decarbonization. Sachs emphasized the current efforts were not enough, and the global community must take stronger steps, including zero-carbon electricity and electric vehicles charged on zero-carbon power grid.

By Joel Lee (joel@heraldcorp.com)