Europe’s climate ambition trailblazing a planetary transition

Ten years ago, the world came together in an extraordinary act of unity.

In Paris, 196 countries agreed to a simple but powerful truth: the climate crisis cannot be solved by any single nation, it demands a united humanity.

The Paris Agreement became one of the most enduring expressions of multilateral cooperation in modern history. Alongside the adoption of the Sustainable Development Goals and the Addis Ababa Action Agenda, it signalled a global shift: toward climate responsibility, and toward a new model of progress rooted in justice, resilience, and shared prosperity.

A decade on, the world looks very different. We have faced a global pandemic, devastating wars, economic shocks, and rising geopolitical fragmentation – and increasingly destructive impacts of climate change. In many places, multilateralism has been treated with suspicion. Climate action has become a target for political backlash. And yet, in spite of this turbulence, the Paris Agreement has endured and delivered.

Before 2015, the world was on a path to exceed 4°C of warming. Today, thanks to the agreement and global cooperation, we are bending that curve. With current policies and pledges, we are moving closer to 2.3°C.

That is not enough but it is not nothing. In a world marked by division, the simple fact that countries have remained at the table even in moments of global distress is no small victory.

The Paris Agreement is a political and moral commitment to current and future generations. It is a signal of hope: that, even in an era of fractured politics and populist pressures, collective action is still possible.

But this second critical decade of implementation will determine whether we honour that promise, or betray it.

Looking at the advance of renewable energy and clean technologies, you might think that the battle between the old fossil order and new planetary path of the world is already won. We should not, however, underestimate the breadth of the fossil regime pushback or the geopolitical powers dependent on the continuation of the fossil economy.  

Europe, in particular, must not waver. Our climate ambition has always been more than a policy choice, it reflects our values. And with a bit of foresight, also our wallets. While decarbonising our energy system by 2050 will require additional investments representing 1.5 percentage point of GDP over the period 2031-2050, it will bring almost matching savings in fossil fuels imports – and significant other benefits in terms of jobs and reduced pollution.

The increase in investment needs for accelerated decarbonisation is manageable and would take us back to investment levels as a share of GDP that were common for Europe only some decades ago. Back in the late ‘70s and early ‘80s, investment as a share of GDP was more around 25% than the current 20-21%.

Now, as the world watches rising skepticism and electoral headwinds challenge the green transition, Europe staying the course is more important than ever.

To win hearts and minds, so they choose the green transition over the fossil economy in this critical decade, Europe needs to succeed in three points.

We should remain fully aligned with the goal of limiting global warming to 1.5°C. That means being clear and consistent about our long-term targets and how we intend to get there. Ambition is not abstract, it should be translated into policies that give confidence to investors, workers, and communities.

We should prove we can deliver tangible, measurable results on the ground. People need to feel the benefits of climate action in their daily lives. That means investing in clean energy, sustainable transport, building renovations, and the phase-out of fossil fuels, done fairly and inclusively. It also means building resilience in sectors like agriculture, housing, and local infrastructure, especially for the most vulnerable. Climate justice cannot be separated from social justice.

To do this, we also need to mobilize finance at scale. In Europe, for the largest energy-intensive industries alone, the decarbonisation investment needs represent EUR 500 billion over 2025-2040. But beyond industry, we need finance for cities and communities.

And this needs to be replicated internationally. Multilateral financial institutions and development banks are key to help de-risk investments, improve project design, and expand sub-sovereign lending. The climate transition cannot succeed if those closest to the challenge remain furthest from the resources. True to the Paris Agreement commitment, we should find ways to urgently align financial flows with the climate goals.

At the heart of all this lies a single imperative: keep people at the center. The green transition is not something to be done to people, but something to be done with them. We can succeed if we build trust, ensure fairness, and show that climate ambition can go hand in hand with lower energy bills, better jobs, and stronger communities.

This means also building and strengthening our resilience to climate impacts, those happening now and foreseeable in the future. We need a culture of preparedness and resilience by design in all investments and policies going forward. And we need to get serious about finding the financing needed to support the vulnerable in developing countries.

The Paris Agreement was never a finish line.

It was a starting point, a living accord meant to evolve with science, technology, and lived experience. What we do now will decide whether we hand over a liveable, fairer planet or a deeply unstable one.

Europe continues to believe that our promise in Paris is our debt with future generations and with the planet. That it can and it should remain our collective purpose.    

Let’s not turn back.