Key takeaways

• On December 12, 2015, 195 nations signed an international accord to cut their greenhouse gas ("GHG") emissions in order to reduce the effects of global climate change.
• Signatory nations are required to prepare Nationally Determined Contributions ("NDCs"), which are pledges “of ambitious efforts” to cut GHG emissions. Signatories will first be required to communicate their NDCs in 2020, though the United States has already submitted a voluntary pledge.
• The accord represents an approach by both developed and developing countries to reduce dependence on fossil fuels in favor of renewable energy and development of clean energy technology.