Paris Climate Change Agreement 2015

The EU`s national contribution to the Paris Agreement is to reduce greenhouse gas emissions by at least 40% by 2030 compared to 1990, as part of its broader climate and energy framework by 2030. All the main EU legislation to achieve this goal has been adopted by the end of 2018. The EU has been at the forefront of international efforts to combat climate change. It played an important role in mediating the Paris Agreement and continues to play a leading role at the global level. A radical shift in financial flows will be needed to steer the global economy towards clean energy and climate resilience. Efforts to build resilience to the effects of climate change in the weaker regions are particularly underfunded: according to a report by the Organisation for Economic Co-operation and Development (OECD), only 16% of global financial flows were spent on adaptation to climate change in 2014. In addition to formal intergovernmental negotiations, countries, cities and regions, businesses and civil society members around the world are taking steps to accelerate climate cooperation efforts to support the Paris Agreement as part of the Global Climate Agenda. Implementation of the agreement by all Member States will be evaluated every five years, with the first evaluation in 2023. The result will be used as an input for new national contributions from Member States. [30] The inventory will not be national contributions/achievements, but a collective analysis of what has been achieved and what remains to be done. Protesters gather near the Eiffel Tower in Paris for the 2015 UN climate change conference.

In addition, countries are working to reach „the global peak in greenhouse gas emissions“ as soon as possible. The agreement has been described as an incentive and engine for the sale of fossil fuels. [13] [14] The initiative to address losses and damage as a particular theme of the Paris Agreement came from the Alliance of Small Island And Least Developed States, whose economies and livelihoods are most affected by the negative effects of climate change. [33] However, developed countries were concerned that looking at the issue as a separate issue that goes beyond adaptation would create additional climate funding or imply legal responsibility for catastrophic climate events. These rules of transparency and accountability are similar to those set out in other international agreements. Although the system does not include financial sanctions, the requirements are intended to easily monitor the progress of individual nations and promote a sense of overall group pressure, discouraging any towing of feet among countries that might consider it. The Paris Agreement, drawn up for two weeks in Paris at the 21st United Nations Conference of the Parties (COP21) on Climate Change (UNFCCC) and adopted on 12 December 2015 marked a historic turning point in the fight against global climate change, as world leaders representing 195 nations agreed on an agreement containing commitments from all countries to combat climate change and adapt to its impact.