It seems like finally United Nations is on the verge of making a deal on climate change. Targets are set previously which include a hefty amount of cooperation. It already presented a final draft. The deal would limit the global temperature increase to well below 2 Celsius above pre-industrial levels, and reach a balance in greenhouse gas emissions by the second half of this century.
The goal is to take macro trends in energy and turn them into enviable trillion dollar markets for Silicon Valley. Some progress has been made to use Silicon Valley’s know-how to address climate change. There would be a progress review every five years. Also, developing countries would get a helping hand to the tune of $100 billion per year as of 2020. Moreover, in all but four of the 50 cities, it is thought that solar is a better investment than the stock market. Thus adoption of renewable energy technologies has increased.
The deal is perhaps promising. The island nations are going to be pleased as they face the threat of flooding as sea levels rise. It is assumed that 195 countries vote for the deal. The United Nations wants to make sure that the deal flies in countries like the US. On the other hand, one of the biggest polluters, China, is expected to set an emissions target for 2030. It will not have to revisit its goals until 2020.
But there is still some amount of uncertainty whether or not the targets will go far enough. While the under-2C temperature objective is meaningful, there’s a concern that increases above 1.5C could still lead to catastrophic changes in some parts of the world. The mid-century emissions target seems a far cry as a lot may change in 35 years. The document may prevent the worst, but it may be far from ideal.
Even the risks and uncertainty could not prevent the deal from taking place. Many countries have voted for the agreement and the deal is final for now.