World leaders are gathering in Lima, Peru, for the 20th session of the Conference of the Parties to the U.N. Framework Convention on Climate Change, or UNFCCC. A primary goal of the meeting is to build the foundation of a new climate agreement?to be struck in Paris next December and take effect in 2020?that can have a meaningful effect on global emissions. In advance of the meeting, governments have shown new political will to address climate change. Several major economies, for example, have recently come forward with targets to curb emissions. In October, the European Union committed to reduce greenhouse gas emissions by at least 40 percent below 1990 levels by 2030.

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