Paving the Way to the Paris COP21

Abstract

Greenhouse gas (GHG) emissions continue to grow in the world. However, something unheard of in the field of climate change mitigation happened in November 2014. The US and China, together responsible for 44% of global GHG emissions, agreed to reduce their GHG emissions as part of the process towards a new global climate change agreement that is expected to take place at the COP21 in December 2015 in Paris. Moreover, China is the first emerging economy to announce a date on which it expects its CO2 emissions to peak. This may trigger other major developing countries to do the same.

Keywords: Climate Diplomacy, GHG Emissions, Paris Agreement, COP21

JEL Classification: K33