Tuesday 31/03/2020

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COP21 : The European Union ratifies the Paris climate agreement

Responsible Investment Strategist

The 28 member states of the European Union have given their green light to ratify the Paris climate change agreement. An unprecedented procedure and a historic step!

The two main polluters, China and the United States, have kept their promise and have crystallized their commitment to the Paris climate deal concluded in September by ratifying it. That’s quite a big thing, which did not go unnoticed, especially not by the European Union. After all, the EU ran a big risk of being the last one to ratify the agreement, on top of its reputational risk, even though it initiated the process. That is why it requested an accelerated ratification procedure on behalf of the 28 member states (including the United Kingdom) to the European Parliament.

This accelerated procedure was approved in Strasbourg on October 4th, ensuring the  Paris Agreement will enter into force. As a reminder, at least 55 member states must ratify it and at least 55% of global greenhouse gas emissions must be represented. Following the procedure, the European Union will make sure that the Agreement enters into force. It is an important step which has been achieved, as the global climate agreement will be legally binding as of now.

We may rejoice this historic decision which, despite the concerns following the Brexit, is achieved earlier than expected. The major emitters of greenhouse gases are the United States, China, India and the EU. They will meet in Marrakech in November in order to open the 22nd UN summit on climate change (COP 22).