London, 5 October - IETA welcomes the news that with the ratification of the Paris Agreement by the European Union this week, the global climate treaty will enter into legal force in time for the start of the UNFCCC’s 22nd Conference of the Parties in Marrakech, Morocco.

The entry into force within a year of its agreement is almost unprecedented and underlines the commitment of nations to move quickly to develop the structures that will support the Paris Agreement when it takes effect in 2020.

“The rapid action by key nations to ensure Paris is legally binding shows they take seriously the challenge of keeping temperature increases to below 2 degrees Celsius,” said Dirk Forrister, chief executive officer of IETA. “It also underlines that importance of developing rules and implementation details in a timely manner.”

“Hopefully this will inspire nations to ramp up the ambition of their Nationally Determined Contributions and take the world closer to its goal.”

The ratification of the Paris Agreement is also critical for the future of international market mechanisms to help countries join together and cut greenhouse-gas emissions at lowest cost. 

“Climate change is one of those challenges that is best met together,” Forrister said. “Linked markets help reduce costs for participating industries – and their national economies.”

The Paris Agreement will come into force 30 days after 55 countries accounting for 55% of global greenhouse gas emissions have ratified it. Currently, 63 countries accounting for more than 52% of global emissions have ratified it.