COP21
Definition
COP21 is the 2015 United Nations Climate Change Conference (also CMP 11) which was held in Paris, France, from 30 November to 12 December 2015.
It was the 21st yearly session of the Conference of the Parties (COP) to the 1992 United Nations Framework Convention on Climate Change (UNFCCC) and the 11th session of the Meeting of the Parties (CMP) to the 1997 Kyoto Protocol
The Paris Agreement, adopted within the UNFCCC in December 2015, commits participating countries to limit global temperature rise to well-below 2°C above preindustrial levels and pursue efforts to limit warming to 1.5°C, adapt to changes already occurring, and regularly increase efforts over time.
The Paris Agreement is a landmark achievement in international cooperation on climate change because it is a binding agreement for all Parties to scale up efforts to combat climate change and adapt to its effects. It also provides the instruments for developed nations to assist developing nations in their climate mitigation and adaptation efforts, while creating a framework for transparent monitoring and reporting of results.[1]
Of particular relevance for Sustainable Finance, Article 2.1(c) of the Paris Agreement mandates country parties to “make financial flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development”.
Long Term Objectives
- Transform the economy and society to reach Net Zero Absolute Emissions in the second half of the century in order to limit the increase in temperatures well below 2°C
- Encourage the adaptation of individuals, companies, economies, and societies to the impact of Climate Change in the short- and medium-term
- Make consistent, or align, all financial flows with long-term climate objectives.
