How each country is on track to meet its obligations under the Paris Agreement can be constantly monitored online (via the Climate Action Tracker [95] and the climate clock). 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 would double its grant-based adjustment funding by 2020. [33] Prior to the conference, 146 national climate bodies publicly presented a national climate contribution project („Intended Nationally Determined Contributions,“ INDCs). These proposed commitments have been estimated to limit global warming to 2.7 degrees Celsius by 2100. [8] In the EU, the EU has proposed that INDC commit to reducing its emissions by 40% by 2030 compared to 1990. [9] The agreement provides for a „comprehensive state of affairs“ that reviews national objectives in order to „update and improve“ them every five years from 2023.

[3] However, unlike the previous Kyoto Protocol, no country-by-country timetable or emissions targets were included in the Paris Agreement. The initial commitment period of the Kyoto Protocol was extended until 2012. This year, at COP18 in Doha, Qatar, delegates agreed to extend the agreement until 2020 (without some industrialized countries withdrawing). They also reaffirmed their commitment made at COP17 in Durban, South Africa, in 2011, to create a new global climate treaty by 2015 that would require all major emitters not included in the Kyoto Protocol, such as China, India and the United States, to reduce their greenhouse gas emissions. The new treaty – which was to become the Paris Agreement – was to completely replace the Kyoto Protocol by 2020. However, the Paris agreement came into force earlier than expected in November 2016. It is an agreement with an „action agenda“ to implement accelerators to ensure more ambitious progress beyond binding commitments. By quantifying the damage done to society by CO2 pollution, Trump sees America as an island apart – and we all know what climate change is doing to the islands. Indeed, research shows that the cost of climate activity far outweighs the cost of reducing carbon pollution. A recent study suggests that if the United States does not meet its climate targets in Paris, it could cost the economy up to $6 trillion in the coming decades.

A lack of compliance with the NPNs currently foreseen in the agreement could reduce global GDP by more than 25% by the end of the century. Meanwhile, another study estimates that achieving – or even exceeding – the Paris targets by investing in infrastructure in clean energy and energy efficiency could have great benefits globally – about $19 trillion. Funding is essential to support emerging economies and support the transition to carbon-free economies. The agreement provides that from 2020, $100 billion in public and private funds will have to be mobilized each year to finance projects that allow countries to adapt to the effects of climate change (sea level rise, droughts, etc.) or to reduce greenhouse gas emissions.