While we have yet to see the extent of the Paris agreement’s impact, it is certainly a landmark deal. Each country that ratifies the agreement pledges to fight climate change through the primary goal of keeping global temperature rise to well below 2 degrees Celsius in this century.

UNFCCC Executive Secretary Patricia Espinosa and Presidentof COP22 and Minister of Foreign Affairs and Cooperation of the Kingdom of Morocco Salaheddine Mezouar praised this historic event as “a clear political signal that all the nations of the world are devoted to decisive global action on climate change.” They noted that this agreement not only gives us hope that we might minimize the global impact of climate change, but it also indicates a commitment to building a global renewable energy industry, to climate resilient economies and societies, and to the continued development of climate-focused policies and technologies.

This last idea, that this agreement signifies a global shift towards combatting climate change, is especially important. Around the world,we can see communities, cities, and countries transforming policies to more effectively reducegreenhouse gas emissions byinvestingin cleaner energy technologies. Nevertheless, this shift towards re-engineering societies and economies will continue to need significant investments. The International Energy Agency’s 2015 World Energy Outlook estimates that in order to fully implement the Paris Agreement, climate pledges require investments of $13.5 trillion for energy efficiency and low-carbon technologies though 2030.3Sixty-percent of this amount is expected to go towards boosting renewable energy capacity.