The Paris Agreement came into force three days before COP22, having been ratified by over 100 countries. ACCIONA is confident that the pace of ratifications and voluntary contributions by countries (NDCs — National Defined Contributions) will increase, to achieve a significant level of global commitment.

In view of the most recent data on temperatures and atmospheric CO₂ concentrations (which averaged over 400ppm in 2015), ACCIONA is confident that the Parties will step up their commitment so that there is a real chance of keeping global warming below 2ºC with respect to pre-industrial levels. The Parties' NDCs are still far from achieving that goal (they will result in warming by 2.7ºC, according to the International Energy Agency).

The Company also considers it vital that the Marrakech summit make progress in specifying mechanisms to incentivise and enhance the attainment of the NDCs, specifically:

• Promote carbon pricing worldwide so as to incentivise the global transition towards a decarbonised economy.
• Measures to advance towards renewable electrification of the economy, particularly in the transport and energy sectors.
• Phasing out of fossil fuel subsidies.   

ACCIONA would like to emphasise the importance of continuing to develop mechanisms that facilitate private-sector involvement in fulfilling the countries' commitments, and reiterates its full support for participation by business in achieving the goals of the Paris Agreement.

ACCIONA's participation in COP22

In the second week of COP22, the Company is participating in a number of events with such organisations as the World Bank, Corporate Leaders Group, Carbon Pricing Leadership Coalition, and UN agencies such as Caring for Climate, among others. The issues to be discussed focus mainly on analysing the countries' emission reduction commitments, and effective measures for climate change mitigation and adaptation, such as carbon pricing and renewable energies.