The Paris agreement which was reached during the 2015 global conference on climate change (COP21) represented an essential step in combating climate change because it established a plan to control climate-altering emissions in the medium and long term, with the support of solid and credible governance. Consequently, it can be considered as an element of stability from many viewpoints, for example on the regulatory front, which is traditionally uncertain owing to continuous changes in political scenarios. Throughout the preparation of the agreement and during COP21, Enel promoted a series of initiatives aimed at involving and mobilizing the private sector and category associations in the debate.
The new governance model aims to supervise the operation of States and to promote growing ambition in the reduction commitments through periodic monitoring of emissions and publication of the results achieved. The objectives communicated by the parties must be reviewed every five years to verify the “highest possible ambition” and will be subject to technical review in order to guarantee the transparency and environmental soundness of the policies adopted.
In terms of flexibility, the agreement introduces specific additional instruments to achieve national objectives, which will help increase the ambition of the overall action and will enable full involvement by the private sector in low-carbon investments.
The agreement provides a regulatory framework, but its success depends on how the individual States maintain their commitments and how the conditions will be created for full involvement by business and civil society in the construction of a new sustainable development model.
In November 2016 Marrakesh hosted COP22, where Enel promoted some initiatives to actively contribute to the conference and to take the opportunity to demonstrate its own sustainability strategy and its low carbon profile in terms of renewable sources, energy efficiency, smart networks and rural electrification.
The importance of COP22 resides in progressing the technical discussion aimed at defining the procedures to implement the Paris agreement for the post-2020 period and in verifying the strength of the political commitment following Paris. The implementing instruments are necessary to operate in the short term and to guarantee stability for long-term investments. The discussion then focused on the transparency of the procedures for monitoring, reporting and verification and on the criteria for the regular assessment and possible revision of the objectives taken on by the parties, as well as on progress on the financial commitments, and on the initiatives for capacity building and technology transfer among the countries.
Enel, in keeping with its commitment in regard to decarbonization, supported various initiatives at COP22 and the active presence of the company’s top management at numerous conferences reiterated and reinforced Enel’s commitment to decarbonization by 2050, in line with the goal of a global reduction “well below the 2 °C” accepted in Paris.
|Development of renewable capacity|
~+8 GW of additional renewable capacity in the 2017-2019 period
|Reduction of thermal capacity||-10.3 GW in the 2017-2019 period|
|Specific CO2 emissions reduction|
<350 gCO2/kWheq by 2020 (-25% base year 2007)
|Environmental retrofitting* of selected plants|
~500 million euro in investment in the 2017-2020 period