Paris pact has challenges galore

After the US and China ratified the Paris climate accord, there is growing optimism that the agreement can take effect by the end of the year. It has to be signed by 55 countries responsible for 55% of greenhouse gas (GHG) emissions. And ratification by the two economic giants — who emit 38% of the climate-harming GHSs — is being dubbed as a huge leap towards the goal to limit the world’s temperature increases above pre-industrial levels to below 2 degrees Celsius.
The enthusiasm springs from the fact that never before has a deal come in such a short span of time. The ratification by the US and China will surely encourage others to follow suit and hasten the acceptance of the agreement.
The US-China joint push to the pact is a big step. But the pertinent question is how far will it help in making pollution-abatement a political priority? How will the legislators ensure its implementation? How will the promises on papers be turned into reality? The US has said that it will cut GHGs by 26 to 28% by 2025. And China has vowed to slash its carbon emissions per unit of GDP by 60-65% from 2005 levels by 2030. Even though these countries are bound to report about their progress on their commitments, one wonders how can these targets be made legally binding!
The last two years have been the hottest on record. This has raised concerns over the atmosphere-polluting fossil fuels that are heavily subsidized. The International Energy Agency reveals that countries spent $493 billion on consumption subsidies for fossil fuels in 2014. The global NGO group Climate Action Network also expressed worry that the European Investment Bank for Reconstruction and Development had allocated some $13 billion to fossil fuel projects between 2013 and 2015 and that Brussels had earmarked some 1.6 billion euros for fossil fuel infrastructure from 2014 to 2020. Japan, South Korea and China are also backing fossil fuel projects outside their countries.
The Paris pact has to speed up massive overhaul of energy policies. It is imperative that fossil fuels are replaced with renewable sources of energy. All subsidies provided to fossil fuels will have to go. There is a need to do a U-turn on coal-based economy to attain environmental sustainability.
The poor countries are bearing the brunt of climate change the most. Many small island nations are facing an existential threat due to the rising sea levels caused by global warming. The industrialized countries have a responsibility to bail them out by helping them to shore up defences against environmental fallout. They should provide finance and clean technologies to these countries.
To achieve the targets in order to arrest the rising temperature, it would
require around $13.5 trillion of spending. The Paris pact must ensure that the developed world commits funding to the most vulnerable countries — delivering $100 billion a year from 2020 through 2025. The accord can become the lifeline for the poor countries. And this could be the deal’s biggest achievement!