Climate Change Agreements

The Paris Agreement is the first legally binding universal global agreement on climate change adopted at the Paris Climate Change Conference (COP21) in December 2015. It will also enable the contracting parties to gradually strengthen their contributions to the fight against climate change in order to achieve the long-term objectives of the agreement. On October 5, 2016, when the agreement reached enough signatures to cross the threshold, U.S. President Barack Obama said, “Even if we achieve all the goals… we will only get to part of where we need to go. He also said that “this agreement will help delay or avoid some of the worst consequences of climate change.” It will help other nations reduce their emissions over time and set bolder goals as technology progresses, all under a strong transparency system that will allow each nation to assess the progress of all other nations. [27] [28] Climate change fuels temperature increases and extreme weather events, endangering our air, water and food; Widespread diseases and endangers our homes and security. We are facing a growing public health crisis. However, China and India are now, along with the United States, among the world`s largest annual emitters. Developed countries have argued that these countries must now do more to address climate change. While mitigation and adjustment require more climate funding, adjustment has generally received less support and has mobilized fewer private sector actions.

[46] A 2014 OECD report showed that in 2014, only 16% of the world`s financial resources were devoted to adaptation to climate change. [50] The Paris Agreement called for a balance between climate finance between adaptation and mitigation, highlighting in particular the need to strengthen support for adaptation from the parties most affected by climate change, including least developed countries and small island developing states. The agreement also reminds the parties of the importance of public subsidies, as adjustment measures receive less public sector investment. [46] John Kerry, as Secretary of State, announced that the United States