On 12 December 2015, the first ever universal agreement on climate change was adopted by 195 nations. The deal was made at the Paris Climate Change Conference, also known as the 21st Conference of the Parties (COP21) to the 1992 United Nations Framework Convention on Climate Change (UNFCCC).
Major points of the agreement include a capping of global temperature rises at 1.5oC above pre-industrial levels, and net-zero emissions by second half of the century. These climate change mitigation goals are accompanied by financing and review mechanisms, taking into account countries’ differentiated levels of responsibility and vulnerability to climate change.
The Paris Agreement also sends a clear signal to global markets to move to a low-carbon economy. As noted by Singapore’s Foreign Minister Vivian Balakrishan, and Edward Cameron, managing director of partnership and research at non-profit Business for Social Responsibility, the universal and legally-binding nature of the agreement, together with a transparent method of tracking each country’s performance provides the assurance to businesses that governments will support low-carbon projects for the long term.
Singapore Deputy Prime Minister Teo Chee Hean, who is also the chairman of the inter-ministerial committee on climate change said Singapore will work towards the pledge of reducing emissions intensity by 36% from 2005 levels, by 2030, and stabilising emissions with the aim of peaking around 2030.