The Paris Agreement established the overall framework of the global transition to mitigation of greenhouse gas emissions. Following ratification in November 2016, the main focus is on transformation of the goals into action and results. For Denmark, this means that we, together with other EU member states, shall meet the EU target of reducing greenhouse gas emissions by 40 percent by 2030 as compared to 1990 base levels.
The negotiations of the ambition mechanism must be finished to the detail
The ambition mechanism of the Paris Agreement prepares the EU to take stock of reduction targets on a five year cyclical basis and thereby contributes to a continuous assessment of Member State contributions. The process will take place in a transparent manner to ensure robust discussions on decision-making. By 2020, the EU should reconfirm or update its climate goal for 2030.
Furthermore, negotiations in the next few years will discuss how Parties shall report their emission inventories. It is important for Denmark and the EU that all countries utilize the same regulatory system, so emission inventories can be comparable. It is important to note that at the same time, there must be flexibility for the least developed countries.
A global reduction effort before 2020
During the COP21, Parties agreed to work for an increased effort to reduce greenhouse gas emissions before the Paris Agreement takes effect in 2020.
Up to 2020, a series of technical expert meetings will be held focusing on policies and technologies that will contribute to the mitigation of emissions - for example in the field of renewable energy and energy efficiency. In certain areas, Danish companies have positions of strength and can contribute to climate efforts.
The technical expert meetings support the annual COP meetings, which include participation by ministers and representatives of the private sector. The aim is to create political momentum, follow-up on current initiatives and establish a forum for launching new initiatives and partnerships. These activities are a continuation of the action-oriented agenda, the “Lima-Paris Action Agenda”(LPAA), focusing on increasing climate efforts by the private sector and other non-governmental actors.
Climate financing for developing countries
In the Paris Agreement, Parties confirm their promise to raise 100 billion USD a year starting from 2020 to support climate efforts of the developing countries. Finances will be mobilized from public and private sources. A new goal for financing for developing countries shall be set no later than 2025 for the subsequent period. The Paris Agreement makes it possible for more countries to contribute to the financing system.
Denmark and the EU can play an important role by assisting the developing countries in transforming their climate objectives l into tangible projects through climate financing and capacity building. Denmark focuses especially on assisting important emerging economies in their sustainable transition through the availability of advisory services on Danish experience, expertise, and technology.
The Danish Ministry of Energy, Utilities and Climate engages in bilateral cooperation with authorities in countries including China, Mexico, Vietnam, and South Africa. Our work is focused on maximizing cost-efficiency for, and instituting sustainable solutions that contribute to lower energy costs, along with mitigation of greenhouse gas emissions.
Furthermore, Denmark focuses on the mobilisation of climate financing from private actors. Financing is gathered via the Danish Climate Investment Foundation and in cooperation with other Nordic countries.