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    In this Monday, Nov. 24, 2014 file photo, smoke streams from the chimneys of the E.ON coal-fired power station in Gelsenkirchen, Germany

    World Bank Calls Start of Paris Climate Treaty 'Defining Moment' for Humanity

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    World Bank President stated that humanity will reach a turning point Friday when limits on emissions of planet-warming greenhouse gases under the Paris climate-change treaty take effect.

    WASHINGTON (Sputnik) Humanity will reach a turning point Friday when limits on emissions of planet-warming greenhouse gases under the Paris climate-change treaty take effect, World Bank President Jim Yong Kim said in a statement Thursday.

    "November 4, 2016, is a defining moment in human history," Kim said. "For the first time a global agreement to turn down the heat on our planet enters into force."

    More than 90 countries accepted binding limits on carbon-based emissions at a December 2015 conference in Paris under the auspices of the United Nations.

    In his statement, Kim also warned that countries must agree at an upcoming conference in Marrakech, Morocco to accelerate carbon cutbacks in order to reach a goal of limiting global warming to 2 degrees Celsius (3.6 degrees Fahrenheit).

    The statement added that $90 billion in infrastructure investment over the next 15 years, mainly in developing countries, will be needed to shift the global economy to low-carbon output based on renewable energy sources.

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