U.S. and China Joining the Paris Agreement Sends a Strong Signal to Developing Countries
Updated: Oct 13, 2022
On Saturday, the U.S. and China formally joined the Paris Agreement by delivering their official instruments of ratification to United Nations Secretary-General Ban Ki Moon at the G20 summit in China. The commitments of the U.S. and China—two economic and technological superpowers–send a strong signal to developed and developing countries that implementing the Paris Agreement is not only necessary, but achievable.
Rapid advancements towards low-carbon energy are already occurring, including innovations in technology, policy, business models and finance. Global financial flows towards clean energy continue to grow and hit nearly $330 billion in 2015, according to Bloomberg New Energy Finance—up 30 percent from 2014.
Given these strong investment trends, and with the right policies and development strategies, developing countries can unlock the investment necessary for clean energy solutions to grow, while improving access to energy, creating local jobs and meeting their climate pledges.
In the lead-up to Paris, CCAP worked in-depth to facilitate dialogue between key players and build consensus around practical solutions to climate mitigation, including through the provision of support for implementation of developing countries’ climate pledges. Our Climate Finance Forum in May brought together a targeted group of high-level policymakers from developed and developing countries, as well as representatives from climate finance institutions, to encourage the development of transformational climate strategies, consistent with national development goals.
The next few years will be a critical time to help developing countries achieve the capacity to be full participants in the Paris Agreement, and to build the global pipeline of climate mitigation and resiliency projects. In the coming months, CCAP will continue to build on the momentum from Paris and help developing countries put in place the policies, programs and financing strategies needed to effectively advance climate action on the ground.