The Paris Agreement: the pathway to the low carbon era?
The 21st UN Conference on climate change (COP21) ended in Paris on 12 December 2015, with the adoption of the Paris Agreement by the 195 members of the UN Framework Convention on Climate Change (UNFCCC). This should account for the opening of a new “low carbon era” as this historical text is the 1st biding international agreement and sets the main objective of limiting global warming to +2°C by the year 2050.
Mitigation and adaptation to climate change, especially through low-carbon energies and technology transfers together with dedicated methods of financing are amongst the main objectives. In order to enter into force, the Paris Agreement, with effect from 2020, should be ratified by at least 55 Parties, representing at least 55% of global emissions.
Conscious of its responsibility and of the major role that it plays in the transition towards a low-carbon economy, ENGIE has carefully followed the negotiations and welcomes its successful outcomes and particularly the integration of a generalized carbon price. Indeed, the text underlines the usefulness of such a frame in order to encourage players to reduce their emissions in order to enable companies to internalize the costs of climate change in their economic decisions and to stimulate low-carbon investments. There are currently 17 carbon markets in operation in the world, covering almost 40% of the world economy.
This announcement follows the work conducted by the Magritte Group since 2013 on carbon pricing. Formed at the initiative of Gérard Mestrallet, this group brings together 11 large energy providers and representatives from European institutions, with the aim of encouraging operators to further invest in renewable energies and reduce their CO2 emissions.
The Paris Agreement should also promote access to energy in developing countries, in particular in Africa, through the development of renewable energy.
Committed to fight against climate change, the Group’s challenge is twofold: to respond to the constant growth in global energy needs and to encourage the development of energy efficiency solutions that limit GHG emissions, both within the Group and for its customers.
The fight against global warming: a priority at the heart of the strategy
- + 50% : of renewables capacity in power generation between 2009 and 2015
- X 2 : of production based on renewable energy in Europe from now to 2025
- 0 CO2 : ENGIE’s new investments in power production will emit no or little CO2
- 100 000 this is the number of people who work on energy efficiency at ENGIE.