On 12 December 2015, more than 190 countries ratified an historic agreement on climate change in Paris. Statoil welcomes the agreement, but CEO Eldar Sætre warned that individual national efforts would be insufficient to solve the global climate challenge alone.
“We have come to COP21 to show strong support to world leaders and national governments. Only together can they achieve an effective international agreement that puts us firmly on the pathway to a low carbon future. We are behind them. And we are ready to continue to deliver," said Sætre, speaking at the COP21 conference.
In Paris, delegates agreed on the first universal global climate agreement based on individual national contributions. The main aim of the deal is attempt to limit the rise in global temperature to well below 2°C above pre-industrial levels. It also calls for zero net emissions of greenhouse gases by the second half of this century. The Paris deal will come into force in 2020. After that, each country’s progress towards the Nationally Determined Contributions will be reviewed every five years, starting in 2023.
This new “bottom up” style of global climate cooperation may have helped to achieve the Paris deal. However, it will be difficult to reach any climate targets without collaboration between the public and private sectors.
In September 2015, addressing the Climate Week in New York, the UN Secretary-General Ban Ki-Moon spoke of a special role the private sector could play as implementers of the Paris agreement.
“I asked leaders from government, business, finance and civil society to crystallize a global vision for low-carbon economic growth and to advance climate action on five fronts: cutting emissions; mobilizing money and markets; pricing carbon; strengthening resilience; and mobilizing new coalitions,” said Ban Ki-Moon.