Significance Of Paris Agreement

The implementation of the agreement by all Member States is assessed every five years and the first evaluation will take place in 2023. The result will be used as a contribution to member States` new national contributions. [30] The inventory will not be one of the contributions/performance of each country, but of a collective analysis of what has been achieved and what remains to be done. The Paris Agreement is a pioneering environmental agreement adopted by almost all nations in 2015 to combat climate change and its negative effects. The agreement aims to significantly reduce global greenhouse gas emissions in order to limit the increase in global temperature to 2 degrees Celsius above pre-industrial levels this century, while pursuing ways to limit the increase to 1.5 degrees. The agreement includes a commitment by all major emitting countries to reduce their climate pollution and strengthen these commitments over time. The compact provides a way for developed countries to assist developing countries in their efforts to combat climate change and adapt and provides a framework for transparency in monitoring, reporting and strengthening countries` individual and collective climate objectives. This is not a new agreement. In 2009, developed countries committed to jointly mobilize $100 billion a year in climate finance for developing countries by 2020. The agreement requires rich countries to meet a funding pledge of $100 billion a year beyond 2020 and use this figure as a “floor” to continue receiving agreed aid until 2025, encouraging even more ambitious investments. The EU and its Member States are among the nearly 190 parties to the Paris Agreement. The EU formally ratified the agreement on 5 October 2016, allowing it to enter into force on 4 November 2016.

For the agreement to enter into force, at least 55 countries, which have escaped at least 55% of global emissions, had to deposit their instruments of ratification. In fact, research clearly shows that the cost of climate inaction far outweighs the cost of reducing carbon pollution. A recent study suggests that if the U.S. fails to meet its Paris climate goals, it could cost the economy up to $6 trillion in the coming decades. A global failure to comply with the DND currently set out in the agreement could reduce global GDP by more than 25% by the end of the century. Meanwhile, another study estimates that achieving – or even exceeding – that the Paris targets could be very beneficial on a global scale by investing in infrastructure in clean energy and energy efficiency, to the amount of about $19 trillion. The president`s promise to renegotiate the international climate agreement has always been a smog screen, the oil industry has a red phone at Interior, and will he bring food trucks to Old Faithful? These rules of transparency and accountability are similar to those adopted under other international agreements. . . .