What is the Paris Climate Change Convention?

The 2015 United Nations Climate Change Conference (aka COP21) was held in Paris. During the conference, 196 attending parties from 55 different nations negotiated the Paris Agreement, a global agreement aimed to reduce greenhouse gas emissions so that the global average temperature does not rise above 2 degrees centigrade compared to pre-industrial levels.

This new climate agreement will take effect from 2020, replacing the Kyoto Protocol adopted in 1997. In the Kyoto Protocol, only developed countries have a duty to reduce greenhouse gases, but in the Paris Convention, all participating 196 Parties must meet their reduction targets.This would be significant as 196 parties account for more than 90% of global GHG emissions.

South Korea's Climate Change Plan

South Korea's pledge to cut emissions by 37% below BAU levels by 2030 across all economic sectors is a part of its Intended Nationally Determined Contribution (INDC) to be finalized in December 2015 at the Paris climate conference.In its INDC, South Korea declared its intention to buy carbon credits from the international market to meet part of its 2030 target.

New climate system to cope with climate change

The unanimous decision of the 196 parties to adopt the Paris Agreement means almost all of the countries in the world decided to participate in this new movement to reduce climate change before too late.

If decisions outlined in the Paris Agreement are closely followed, the average temperature rise is expected to be kept significantly lower than 2 degrees centigrade.In fact, we are trying to limit the temperature rise to below 1.5 degrees centigrade.

In addition, while the previous Kyoto Protocol has also obliged some developed countries to reduce greenhouse gas emissions, the new climate regime of the Paris Agreement will play a vital role in achieving greenhouse gas reduction targets after 2020 and beyond.