The Paris Climate Agreement Explained

Sign up for a weekly chat about climate change on Facebook Messenger Although mitigation and adaptation require increased climate funding, adaptation has generally received less support and mobilized fewer private sector action. [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 would double its grant-based adjustment funding by 2020. [33] The EU and its member states are individually responsible for ratifying the Paris Agreement. There was a strong preference for the EU and its 28 Member States to simultaneously table their ratification instruments to ensure that neither the EU nor its Member States commit to commitments that belong exclusively to the other[71] and there was concern that there was a disagreement on each Member State`s share of the EU-wide reduction target. just as Britain`s vote to leave the EU could delay the Paris pact. [72] However, on 4 October 2016, the European Parliament approved the ratification of the Paris Agreement[60] and the EU tabled its ratification instruments on 5 October 2016 with several EU Member States.

[72] At the 2011 UN Climate Change Conference, the Durban Platform (and the ad hoc working group on the Durban Platform for Enhanced Action) were created to negotiate a legal instrument for climate action from 2020. The resulting agreement is expected to be adopted in 2015. [62] The UN report warns that the terrible effects of climate change will come sooner than expected.

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