As we already mentioned in the previous article, the COP 21 (Conference of the Parties) was held on December 12, 2015, during which a legally binding agreement, approved unanimously by the 195 participating countries, was finally reached. Twenty-one years of climate summits and intense diplomatic efforts have been necessary to draft this agreement that is the birth of a new era for the planet's development model, and that entails its practical totality.

Prior to the COP 21, two basic milestones marked decision-making and negotiations on climate change: The Kyoto Protocol (1997), that initially bound 37 States, and the COP 15 (held in Copenhagen in 2009), a similar event to the COP 21 in Paris, that in the end was not binding and failed to set forth neither specific objectives nor timelines for reducing emissions.

As indicated in the first part of the agreement presented at the COP 21, one of the most relevant aspects is that it highlights the real importance of climate change on a global scale and, for the first time, acknowledges the role played by human beings in this regard.

This agreement, though legally binding, has not defined each country's specific goals for reducing emissions. For this reason, the mandatory goal has been set that the average global temperature at the end of the century must remain far below the 2°C compared with preindustrial levels, and that efforts must be made toward the goal of limiting global warming to a maximum of 1.5°C.

Each signatory country must participate through its national contributions, reviewing these to make them stricter every 5 years. To guarantee the fulfillment of this point, a Compliance Committee has been established, which will implement transparency tools for more effectively controlling the progress of these contributions.

This requires countries to monitor, verify and report their GHG emissions, using the same system on a global scale, as well as to report their progress along their commitments, and to set ambitious long-term goals for reducing and cutting carbon emissions (though no quantifiable goal for reducing emissions has been defined).

The countries must reach the maximum peak of GHG emissions “as soon as possible”, without setting a concrete date, allowing for developed countries to reach this goal first, while developing countries will take longer to do so. In any case, fast reductions must be obtained to reach, the second half of the century, a balance between emissions and the atmosphere's capacity for absorption, especially of CO2. 

To date, 186 countries of the 195 have presented their national commitments for reducing greenhouse gas emissions. Among them, the world's leading economic powers, which comprise approximately 97% of all emissions worldwide.

As we have already mentioned, the agreement reached at the COP 21 also differentiates between industrialized and developing countries. Mention is made of the need for providing these countries with financial support, given their limited resources, to improve their adaptation to the effects of climate change.

Last of all, but not less important, is the declaration that given that 2020 is the valid start date for this agreement, during the 2015-2020 Transition period countries must continue to make efforts in their fight against climate change.

Though imperfect, this agreement, for many, represents a historical leap, given that countries and organizations, citizens and investors, have joined forces in the battle against this global phenomena.

Companies are going to play a very important role in achieving the goals set forth during the COP 21, and this is why at Indra we will continue with our actions proposed in our strategy for reducing CO2 emissions on a global scale.

At Indra, we are committed to the Climate together with companies and individuals in an initiative by Magrama and Ecodes called “a million for the climate” (“un millón por el clima”). These commitments have been presented at the COP 21 in Paris. We are also participating in a cluster on climate change by Forética, the association of companies and professionals of corporate social responsibility/sustainability, which has the mission of promoting the integration of social, environmental and good governance issues in the strategy and management of companies and organizations.

Now it’s time for all of us to think... What do you think about the agreements reached at the COP 21? Are you familiar with them? Do you consider them feasible? Could you contribute any ideas toward the fight against climate change?