The global climate agreement reached in Paris was a positive step due to the ambitious goals it set out.
Ensuring that supply meets demand while respecting the objectives of the Paris Agreement requires a significant reduction in the emissions intensity of the current energy mix. This will determine in a gradual transition to lower carbon intensity sources. Over the next 20 years, albeit at a progressively slower rate, world oil demand is expected to continue to grow at least until 2035. There will be improvements in transport efficiency, and an increase in the spread of electric vehicles, but their impact on replacing oil will remain marginal, held back by the slow process of replacing the car pool. Moreover, despite essentially stable demand, the decline in existing production will require new discoveries and new developments.
Proportion of the energy demand met by oil and natural gas.
Thanks to by high levels of plant efficiency and low emission coefficients, gas is the only fossil fuel that will grow, in absolute terms, also in the IEA 450 scenario based on the 2°C target. Growth will be driven by:
Gas is also the ideal partner for the development of renewable energy, for which a number of economic and technological constraints remain. The use of a combination of gas and renewables will also help to reduce coal consumption, which, while contributing 40% to the world electricity generation, currently accounts for more than 70% of the CO2 emissions by the electricity sector. Finally, in order to stimulate this transition, technology and energy policy will play an important role, including carbon pricing systems that can promote the use of energy sources with a lower environmental impact.
In December 2015, the United Nations Conference on Climate Change (UNFCCC) organised the Conference of the Parties (COP21) in Paris with the aim of signing a binding and universal climate agreement for post-2020, when the second period of the Kyoto Protocol is due to expire. On 12 December 2015, the 196 participating countries agreed on a global agreement called the Paris Accords, which aims to speed up the reduction of greenhouse gas emissions with the maximum cooperation of all countries. For Eni, the agreement is an extremely positive step by virtue of the ambitious objectives that emerged, the will of industrialised countries to financially support developing countries and the commitment by almost all governments to present National Voluntary Plans for emission reductions. The plans (the so-called NDCs Nationally Determined Contributions) of developing countries are of particular interest to Eni because they can represent a long-term point of reference for national energy and economic policies, useful for the structuring of local development projects.
The Paris Climate Change Agreement came into force on 4 November 2016, less than a year after its adoption by COP 21. The ratification of the Treaty by at least 55 countries/parties, responsible for at least 55% of the total amount of greenhouse gas emissions needed for the entry into force of the agreement, took much longer than expected. The 22nd UN Climate Conference (COP 22) took place in Marrakesh in Morocco, from 7 to 18 November 2016, where the countries that convened began discussions on how to implement the most significant elements of the Paris Agreement, in particular:
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