The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.
Piyush Sharma, MBA 2015-17, Vinod Gupta School of Management, IIT Kharagpur
Conferences of Parties held their annual meeting in Paris, France in Dec’15 to come to an agreement on combating the climate change. The conference attended by 196 members is able to reach an agreeable text now known as “Paris Agreement”. Paris agreement will come into effect latest by April’16 once all the legal procedures are taken care. As per the text, target is to limit the temperature increase by 2˚C as compared to pre-industrialization levels and net zero GHGs emission by the 2nd half of the 21st Century. To achieve these targets, each nation will add new legislatures or modify the old ones to comply with the conditions. There is a provision of 5 year review mechanism to monitor the progress and set future targets.
A large portion of success will depend on developing nations such as China and India. They are growing and consuming resources with rapid pace. These are the most populous countries in the world. So, as the living standard in these countries rise, the GHGs emission will rise with the same degree and will cause an even greater imbalance in environment. That’s why it is very important to provide cheap clean technology to developing countries so that they can transit easily between to clean energy.
Till now, there is one more conceptual difference between the developed nation’s and developing nation’s argument. Developed nations argue that the emission should be evaluated on overall country basis; on the other side developing nations argue emission should be evaluated on per capita basis. In this regards, Paris agreement goes with the developed nations but assign provisions for technology transfer so that developing countries can reduce their emissions.
Agreement also argues for the need to incentivize the green methods and promote innovation so that new clean technologies can come up. Organizations should be encouraged to invest in the green technology research and apply the known technologies. Initially some businesses need to be given some tax incentives to venture into this and then it will become a cycle. We need to reduce our dependence on fossil fuel as employ new clean fuels which are less toxic. If we were able to comply with the agreement then we can left an climate where our next generations can go outside and do things, otherwise Humans will have no one else to blame other than themselves.