Canada: Sign Of The Times: 177 Nations (And Counting) Ink The Paris Climate Agreement While The World Bank And IMF Push For Carbon Pricing

Paris Agreement Now Open for Signature

Earth Day 2016 – April 22nd – marked the opening of the Paris Agreement for signature at the United Nations (UN) Headquarters in New York. The Paris Agreement, which was adopted by the parties to the United Nations Framework Convention on Climate Change (UNFCCC) on December 12, 2015, will remain open for signature until April 21, 2017.  The signature ceremony was attended by Prime Minister Justin Trudeau along with other heads of state and UN officials.  By signing the Paris Agreement, a party indicates its intention to take steps to express its consent to be bound by the agreement. A separate act of depositing of an instrument of ratification, acceptance, approval or accession with the UN Depositary is required to express a party's consent to be bound.

As of April 27, 2016, 177 countries had signed the Paris Agreement, 15 of which have also deposited instruments of ratification. Canada is expected to ratify the Paris Agreement in 2016 along with Australia, Argentina, Cameroon, China, France, Mali, Mexico, the Philippines and the United States. The Paris Agreement will enter into force on the thirtieth day after the date on which at least 55 parties to the UNFCCC accounting in total for at least an estimated 55% of the total global greenhouse gas emissions have deposited their instruments of ratification, acceptance, approval or accession with the UN Depositary.  While the United States and China issued a joint statement on March 31, 2016 pledging rapid accession to the Paris Agreement, the two nations represent approximately 38% of global emissions. This means that other significant emitters and a number of additional nations will be needed to meet both the emissions and number thresholds that will bring the Paris Agreement into force.  Entry into force could happen as early as 2017 or 2018, but given the varying timelines for countries to complete their domestic approval processes, the timing of entry into force is uncertain at this time. The World Resources Institute has unveiled its Paris Agreement Tracker, an interactive tool which enables users to monitor countries' progress toward ratifying the Paris Agreement.

World Bank and IMF Create Carbon Finance Unit to Facilitate the Development of Carbon Pricing Systems

In a move to bolster the pace of development of carbon pricing systems around the world, the World Bank and International Monetary Fund (IMF) has created a Carbon Finance Unit that will provide financial and technical assistance to countries that are creating carbon pricing systems. The World Bank and IMF have identified climate change as a key driver of global poverty and the campaign for carbon pricing by two of the world's biggest lenders began as world leaders gathered in New York to sign the Paris Agreement. Leveraging their economic and technical expertise, the World Bank and IMF will work together with developing countries to help them create carbon pricing systems. To date, the World Bank has given an $8 million dollar grant to China, which is developing what is expected to be the world's largest cap-and-trade program. South Africa and Chile have also received similar grants from the World Bank. The IMF is advising countries on how best to introduce carbon pricing as a means to generate revenue while simultaneously reducing their GHG emissions.

In its report, State and Trends in Carbon Pricing 2015, the World Bank and Ecofys estimate that almost 40 countries and more than 20 cities, states and provinces currently use carbon pricing mechanisms or are planning to implement them. These jurisdictions are responsible for more than 22% of global emissions. Others are developing or considering systems that will put a price on carbon in the future. Altogether, these actions will encompass almost half of global CO2 emissions.

On April 21, 2016, the World Bank, IMF, Organization for Economic Cooperation and Development and the heads of state of Canada, Chile, Ethiopia, France, Germany and Mexico released a statement calling for more carbon pricing.  The goal is to reach enough countries to cover 25% of the world's GHG emissions by 2020 and 50% of emissions by 2030.

In recent climate change policy developments in Canada, the country's First Ministers issued a joint communiqué on March 3, 2016 following the First Ministers' Meeting in Vancouver and released the Vancouver Declaration on Clean Growth and Climate Change. At the meeting, Prime Minister Trudeau and the Premiers launched a process to develop national climate change plan which includes the establishment of working groups to study: (i) clean technology, innovation and jobs, (ii) carbon pricing mechanisms, (iii) mitigation opportunities, and (iv) adaptation and climate resilience. The working groups are expected to report back by October, following which a national climate change plan will be negotiated.

Ontario to Establish an "Ultra Low Carbon Utility"

In related climate change news, it has been reported that under its proposed Climate Change Action Plan, Ontario will establish a new agency – referred to as the "ultra low carbon utility" – which will have a mandate to transform how Ontarians use energy in order to reduce GHG emissions. The Climate Change Action Plan, which is part of Ontario's broader Climate Change Strategy, is expected to be released in May.

As reported, the Climate Change Action Plan will set out various emission reduction initiatives that will complement the province's planned cap-and-trade system, including initiatives to make the majority of the province's buildings emissions free, put at least 1.7 million electric and hybrid vehicles in use by 2024, and have 80% of residents use public transit, walk or cycle to work by 2050. In addition, the Climate Change Action Plan will seek to reduce emissions from buildings by 15% by 2030 with a view to ensuring that most buildings will be emissions free by 2050.  This would be achieved by providing support to businesses and consumers to install solar panels or geothermal systems and to undertake retrofits, as well as by changing the building code to establish energy efficiency standards for renovations and new construction. Also, the Climate Change Action Plan would provide funding to industry to switch to cleaner facilities and for research into low-carbon technologies. Further, the Ontario government plans to acquire offsets to make its operations carbon neutral in 2017, and the 2030, the government will aim to cut its own emissions by 50% by 2030.

The Ontario Ministry of Environment has indicated that the Climate Change Action Plan is still in draft form and that stakeholder consultations are continuing. The Climate Change Action Plan sets out the province's broad policy initiatives, meaning that details on the amount of low-carbon electricity generation and how the new agency will fit within the current electricity distribution, transmission and generation system will still need to be worked out.

To view the original article, please click here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

In association with
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.