Following the EU’s ratification, the Paris Climate Agreement has now passed the threshold for it to come into force.
The agreement, which was created during last year’s United Nations Climate Change Conference in Paris, needed 55 countries to ratify it before it could come into force.
In addition, these 55 countries would need to account for 55% of global carbon dioxide (CO2) emissions.
While major CO2 emitting countries including the United States and China had already signed on to the agreement, together these countries stood just below the 55% emissions threshold.
With the addition of 10 EU member states, the agreement surpassed this threshold earlier this month on October 4.
Now, as per the rules agreed to by signatory nations, the agreement will come into force 30 days later, on November 4.
The agreement itself calls for nations around the world to drastically cut CO2 emissions and curtail global warming to a temperature rise of 2 degrees Celsius.
Moreover, the agreement requires governments to present national plans on how they will reduce their emissions to affect this target.
Plans of action
While counties are yet to submit their plans of action, there some have already been a number of different possibilities mooted which could have a serious and transformative effect on the manufacturing sector.
Countries such as Canada plan to implement carbon trading schemes within the coming years, while others will initially implement energy efficiency savings measures.
Larger countries like the US, China and India, instead plan to invest significantly in the development and deployment of renewable power technologies, with China leading the way – investing over $100bn in 2015 alone.
Such polices, enacted globally – even if in a patchwork fashion – would be a boon for the manufacturers of items like solar panels and wind turbines. Furthermore, manufacturers of electric (and fuel cell) vehicles will see increased sales from government incentives and carbon taxes.
Meanwhile, a large group of nations has signed onto a separate agreement related to reducing aviation emissions – another significant source of CO2 pollution.
