Recognizing that many developing countries and small island developing states that have contributed the least to climate change are most likely to suffer the consequences, the Paris Agreement contains a plan for developed countries – and others that are able to do so – to continue to provide financial resources to help developing countries reduce and increase their capacity to withstand climate change. The agreement builds on the financial commitments of the 2009 Copenhagen Accord, which aimed to increase public and private climate finance to developing countries to $100 billion per year by 2020. (To put it in perspective, in 2017 alone, global military spending amounted to about $1.7 trillion, more than a third of which came from the United States. The Copenhagen Pact also created the Green Climate Fund to mobilize transformation funding with targeted public dollars. The Paris agreement expected the world to set a higher annual target by 2025 to build on the $100 billion target by 2020 and create mechanisms to achieve this. Iran, Iraq and Libya – all members of the Organization of Petroleum Exporting Countries (Opec) – and conflict-torn states such as Yemen and South Sudan have not ratified the agreement. Specific results of increased attention to adjustment financing in Paris include the announcement by the G7 countries of $420 million for climate risk insurance and the launch of a Climate Risk and Early Warning Systems (CREWS) initiative. [51] In 2016, the Obama administration awarded a $500 million grant to the “Green Climate Fund” as “the first part of a $3 billion commitment made at the Paris climate talks.” [52] [53] [54] To date, the Green Climate Fund has received more than $10 billion in commitments. The commitments come mainly from developed countries such as France, the United States and Japan, but also from developing countries such as Mexico, Indonesia and Vietnam. [33] In order to “significantly reduce the risks and effects of climate change,” the agreement calls for the average increase in global temperature over this century to be well below 2 degrees Celsius, while continuing efforts to limit the increase in temperature to 1.5 degrees Celsius. It also calls on countries to commit as quickly as possible to comparing global greenhouse gas emissions and to become carbon neutral by the second half of this century.

To achieve these goals, 186 countries – responsible for more than 90% of global emissions – presented CO2 reduction targets prior to the Paris conference, known as “determined national contributions” (INDC). These targets set out the commitments made by each country to reduce emissions until 2025 or 2030, including macroeconomic targets for co2 reduction and individual commitments of some 2,250 cities and 2,025 companies. International agreements are initially signed to indicate their intention to do so, but they only become binding through ratification. It may be an act of Parliament or some other formal adoption. Processes vary from country to country. Former U.S. President Barack Obama used controversial executive powers to ratify the 2016 Paris Agreement. France, in conjunction with the UN and the World Bank, hosted a climate summit on 12 December 2017, two years after the adoption of the Paris Agreement. In particular, the One Planet Summit will focus on boosting countries` climate finance efforts. InDCs become CNDs – nationally determined contributions – as soon as a country formally adheres to the agreement. There are no specific requirements as to how or how many countries should reduce emissions, but there were political expectations about the nature and rigour of the targets set by different countries.

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