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PARIS, 12 December – IETA welcomes the adoption of the Paris Agreement today, with a clear role for market mechanisms going forward.
The final Agreement, which governments approved today, sets out a clear pathway for global climate policy. Governments reaffirmed their commitment to keeping the average global temperature increase to 2°C above pre-industrial levels – and pursue efforts to keep this to 1.5°C.
It also has a clear role for markets, both through international cooperative efforts and a new mechanism to support sustainable development. These will be underpinned by robust accounting provisions, key to ensuring environmental integrity and trust.
These are the three elements IETA and 20 other business groups asked for in a letter to governments in October.
“We congratulate governments on a historic agreement, grounded in a new spirit of cooperation,” says Dirk Forrister, IETA’s CEO and President. “With the endorsement of more than 190 governments and a strong foundation for markets going forward, businesses can begin planning for a vibrant new future.”
He adds: “We look forward to keeping the momentum going from Paris as the agreement moves from promise to action.”
IETA is the voice of business on carbon markets around the world. Established in 1999, IETA's members include global leaders in the oil, electricity, cement, aluminium, chemical, technology, data verification, broking, trading, legal, finance, and consulting industries.