The 1.5-degree target originated with the 2014 IPCC Fifth Assessment Report [AR5], where moderate risk from climate events is projected at 1-2 degrees. Since by 2015 the planet was already nearly 1 degree above the pre-industrial, 1850-1900 average baseline, 2 degrees was initially selected. But a group of vulnerable nations, such as the island Maldives, pushed for a lower goal of 1.5 degrees. (The Maldives stands less than 1.5 m above sea level, and faces extinction if sea level rise approaches a meter.)
To achieve this temperature goal, nation parties (the legal term for nations which have ratified the treaty) are to begin reducing greenhouse gas emissions as soon as possible. They are to set emissions goals and monitor their own progress. Article 4, paragraph 2 states, with respect to emissions goals: "Each Party shall prepare, communicate and maintain successive nationally determined contributions...[and] shall pursue domestic mitigation measures, with the aim of achieving the objectives..."
Every five years the UN office is to take stock of parties' progress toward their emissions goals. The first "stocktaking", as it is called, is underway now and will conclude in 2023. The treaty also lays a general, voluntary framework for better-developed nations to give technical and financial assistance to the poorer and less-developed.
There is no mechanism for enforcement. The US exited the treaty in November 2020 and President Joe Biden signed the order on January 20, 2021 for the country to rejoin. Due to the COVID pandemic's impact on the global economy, carbon dioxide emissions dropped by 5.8% from 2019 to 2020, but they are on pace to increase again by 4.8% this year. erasing most of the the pandemic gain in that respect. Taking these facts as a whole, it is hard to imagine the treaty's goals being met.
Tomorrow: the 1992 Framework Convention on Climate Change.
Be brave, and be well.
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