The Department of the Environment has participated in the fifth meeting of the working group on the Paris Agreement, the first step in a crucial year in the fight against climate change.
The purpose of the meeting is to develop the rules for the implementation of the Agreement to be finalised for consideration and adoption by the Conference of the Parties at COP24. The latter will be held in December 2018 in Katowice, Poland.
Nearly 200 countries, including Monaco, met in Bonn until May 10 for a session devoted to the continuation of work on various components, including new guidelines for national contributions; new guidelines on adaptation rules, procedures and guidelines for the Enhanced Transparency Framework, a global balance sheet, and procedures to ensure the smooth functioning of the Committee to facilitate implementation and promote compliance with the Agreement.
The Agreement provides for a first global stocktake in 2023, but the international community encourages states to submit revised commitments by 2020. For the Paris Agreement to be implemented in practice, many decisions are expected at COP24.
In order for the Paris Agreement to become operational by 2020, COP24 must complete two processes in 2018: the definition of all its operating rules and the first assessment of the efforts announced by the signing States.
The issue of climate is now being discussed around the world to accelerate the consideration of climate risk by the economic, industrial and financial sectors. Summits and conferences, high-level working groups, sectoral initiatives and the publication of reports are all proliferating. All help to encourage investors and businesses to reduce the carbon footprint of their businesses.