In December 2025, the Paris Agreement marked a decade as the cornerstone of global climate governance. Signed by 195 countries at COP21, the agreement established the commitment to limit the increase in average global temperature to well below 2 °C above pre-industrial levels, while pursuing efforts to cap warming at 1.5 °C. Ten years on, the question that arises is both direct and strategic: in practical terms, what are the impacts of these targets on the energy sector and on investment decisions?