Dive Brief:
- European Union ministers on Friday agreed to ratify the Paris climate accord, moving the historic agreement closer to coming into force.
- The European Parliament will still need to approve before the EU can formally ratify the treaty, though that is expected to happen this week. Once signed, it's expected EU's commitment will help the treaty go into force.
- Canada is also expected to sign on this week, the Guardian reports, with India ratifying the treaty yesterday. To go into effect, the treaty will require ratification by 55 countries representing 55% of global emissions. As it stands, more than 60 countries representing 48% of global emissions have signed up.
Dive Insight:
The Paris climate treaty is "very close to entering into force," according to a statement by EU ministers.
European Commission President Jean-Claude Juncker said the decision shows that the European Union "delivers on promises made." The agreement, which includes 195 countries, aims to keep the impact of climate change below 2 degrees Celsius.
For the United States, that will mean cutting emissions 26% by 2025. The U.S. and China, the two largest contributors to greenhouse gas emissions, ratified the agreement last month. India's commitment pushes the number past 50% of emissions. The European Union's ratification, representing 12% of global emissions, would be enough to send the treaty into force.
The agreement isn't expected to dramatically change the short-term outlook for the U.S. power sector. But analysts cautioned utilities to watch how world leaders produce decarbonization goals out to midcentury, as those decisions will shape their investments today.
Though it has yet to formally ratify the agreement, the European Commission has already brought forward the main legislative proposals to deliver on its commitment. EU member nations will be required to reduce emissions in the European Union by at least 40% by 2030.
"They said Europe is too complicated to agree quickly. They said we had too many hoops to jump through. They said we were all talk, " said EU Commissioner for Climate Action and Energy Miguel Arias Cañete. "Today's decision shows what Europe is all about: unity and solidarity .... we are reaching a critical period for decisive climate action. And when the going gets tough, Europe gets going."
The European ministers' decision was followed by India ratifying the treaty over the weekend. India represents about 4.5% of the Earth's emissions.