The 2015 United Nations Climate Change Conference in Paris (COP21) has wrapped and it ended with an agreement to cap global warming to 2 degrees Celsius. Buildings account for 39% of U.S. CO2 emissions, and the Paris agreement and growing global focus on CO2 emissions–even Pope Francis has written a letter on care for our common home–means building operators should be familiar with the accord.
“We have forgotten that we ourselves are dust of the earth (cf. Gen 2:7); our very bodies are made up of her elements, we breathe her air and we receive life and refreshment from her waters.” — Pope Francis
While the agreement focuses on limiting a temperature increase to 2 degrees Celsius, it highlights the need to strive for a limit of 1.5 degrees. The 1.5 degree limit, scientists believe, is particularly important for Island nations and countries with acute sensitivity to rising sea levels. Compared to 2010 levels, a 2 degree Celsius cap means a reduction of emissions by 2050 in the range of 40% to 70%.
There is also a built-in refresh cycle of every 5 years, where countries will need to revise their plans and submit the updates. The 2 degree cap is not proving an easy target: plans submitted so far by 186 nations equate to a 2.7 degree increase in global temperatures. The 5 year refresh is designed to push further improvement in emission reduction plans.
The scaffolding of a carbon market is also included in the agreement. According to Bloomberg News, Dirk Forrister–president of the International Emissions Trading Association–says “It is a mechanism that would allow countries to bring forward projects and strategies that promote sustainable development and reduce greenhouse gases. These will have credits awarded that can be used for compliance. The deal makes very clear that such credits could be used for compliance by one country. That’s a fundamental that we have always supported.”
Notably, the Paris agreement also made progress on transparency. In past climate negotiations, countries like China objected to certain levels of reporting. This has changed: the agreement requires scheduled reporting of every country’s carbon reductions. This is important because the pledges at the foundation of the agreement are voluntary (and unenforceable). One way to make sure countries follow-through is public disclosure.
Financing wasn’t forgotten. There is text in the agreement that calls on developed countries to increase their support to developing countries by contributing financial resources to those developing countries to help them cope with the effects of climate change. Specifically, this agreement calls for increases above $100 billion per year, with a new financial target to be set in 2025. However, some commentators note that the voluntary nature of this financial support suggests the poorest countries shouldn’t bank on it yet.
