The European Parliament has approved the ratification by the European Union of the Paris Agreement on climate change, paving the way for the agreement to enter into force by the end of 2016.
The Paris agreement, adopted in December 2015, binds each country to cut down on carbon emissions and requires to be ratified by at least 55 countries representing at least 55% of global CO2 emissions. So far, 62 countries accounting for nearly 52% of global emissions have ratified the deal. The 55% threshold will be crossed with the ratification by the European Union, triggering the entry into force of the Paris Agreement.
Under the agreement, the European Union has agreed to reduce its greenhouse gas (GHG) emissions by at least 40% by 2030 compared to 1990 levels. GHG emissions covered by the EU emissions trading system (ETS) sectors will have to fall by 43% (compared to 2005), while those from non-ETS sectors will have to decrease by 30% (compared to 2005). By 2050, the European Union aims to cut GHG emissions by 80-95%.
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