Paris Climate Agreement Current Status

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] Countries most affected by the effects of climate change will be nations deeply vulnerable to sea level rise and developing countries that do not have the resources to adapt to changes in temperature and precipitation. But prosperous nations like the United States are also increasingly vulnerable. In fact, millions of Americans – especially children, the elderly and the poor – are already suffering from the wrath of climate change. The Paris Agreement was launched at the signing on April 22, 2016 (Earth Day) at a ceremony in New York. [59] After the agreement was ratified by several EU member states in October 2016, there were enough countries that had ratified the agreement to produce enough greenhouse gases in the world for the agreement to enter into force. [60] The agreement came into force on November 4, 2016. [2] The Paris Agreement contains a series of binding measures to monitor, verify and publicly report progress towards a country`s emission reduction targets. Improving transparency rules applies a common framework to all countries, providing housing and support to nations that are not currently able to strengthen their systems over time.

As explained in this C2ES edition letter, the participation of the United States in the Paris Agreement can only be decided by the President, without, among other things, seeking the Council and the approval of the Senate, because of the establishment of an existing treaty, the United Nations Convention on Climate Change. If Biden is president, he would have enough authority to join it as an « executive convention. » 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] Although the United States played an important role in the development of the climate agreement, it will be the only one of the 200 parties to withdraw from the pact. The costs of an ambitious climate policy are currently borne. They harm some powerful constituencies and are affected by individual politicians. On the other hand, the climatic benefits of this policy are diffuse and across decades and continents. In this kind of situation, there is a strong incentive to drive freely, to pay the minimum contribution and to rely on others to cope with the slump.