[Answered] Evaluate the Paris Agreement’s success as an example of working multilateralism. Critically analyze the forces driving the purportedly “unstoppable” global energy transition a decade later.

Introduction

Adopted in 2015, the Paris Agreement shifted projected warming from ~4–5°C to ~2–3°C (UNEP Emissions Gap Report). It showcases how collaborative, bottom-up climate multilateralism can influence global energy trajectories.

Paris Agreement: A success of multilateralism

Unlike previous treaties (Kyoto Protocol), Paris introduced a flexible, nationally determined climate architecture:

Achievements within a decade:

1. Renewables became cheapest energy source in most regions (IEA, 2024).
2. Emissions trajectory shifted downward; previously 4–5°C warming projection moderated to ~2–3°C.
3. Climate finance flows increased to $1.3 trillion in 2023, though still below needs.
4. The International Solar Alliance (ISA)—co-created by India and France—grew to 120+ member nations, enhancing solar capacity in developing economies.

5. Thus, Paris demonstrated that multilateral consensus can drive global behavioral change.

Why the global energy transition appears “unstoppable”

The decade post-Paris witnessed a structural shift in energy economics and technology:

1. Economics: Renewables are now cheaper: Solar costs fell 89% between 2010–2023 (IRENA). In 2024, 90% of new power capacity added globally was renewable (IEA). Electric Vehicles rose from <1% (2015) to ~20% of global car sales (IEA, 2024). Markets—not just morality—are driving decarbonization.
2. Technology breakthroughs: Storage cost reduction: lithium-ion battery prices fell 83% since 2015. Offshore wind, green hydrogen, and carbon capture became commercially viable.
3. Geopolitical shifts: Energy security post-Ukraine war accelerated renewable adoption as EU REPowerEU plan aims for 45% renewable share by 2030.
4. National initiatives

• India: 50% installed capacity from non-fossil sources—achieved 5 years early.
• U.S.: Inflation Reduction Act ($369 billion green investment).
• China: World’s largest producer of solar panels, batteries, and EVs.

These shifts lock in a future where fossil investments risk becoming stranded assets.

Critical Gaps and Limitations

Thus, while the transition is progressing, equity and finance are weak links.

Conclusion

As Nicholas Stern noted in The Economics of Climate Change, climate action is a growth opportunity. The Paris Agreement proves multilateralism works, but accelerated ambition and equitable finance must define the next decade.