The global carbon budget and the Paris agreement

Abstract

Purpose The main purpose of this paper is to introduce the concept of global carbon budget (GCB) as a key concept that should be introduced as a reference when countries formulate their mitigation contributions in the context of the Paris Agreement and in all the monitoring, reporting and verification processes that must be implemented according to the decisions of the Paris Summit. Design/methodology/approach A method based on carbon budget accounting is used to analyze the intended nationally determined contributions (INDCs) submitted by the 15 countries that currently head the ranking of global emissions. Moreover, these INDCs are analyzed and compared with each other. Sometimes, inadequate methodologies and a diverse level of ambition in the formulated targets are observed. Findings It is found that the INDCs of those 15 countries alone imply the release into the atmosphere of 84 per cent of the GCB for the period 2011-2030, and 40 per cent of the GCB available until the end of the century. Originality/value This is the first time the INDCs of the top 15 emitters are analyzed. It is also the first analysis made using the GCB approach. This paper suggests methodological changes in the way that the future NDCs might be formulated.