Paris Agreement Where Does The Money Go

Posted on


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] However, important questions remain about how the CWG will work, how it will work with other organizations, and the effectiveness of the overall funding system. Indeed, the unresolved issue of money was at the centre of the recently concluded Bonn discussions, which were supposed to pave the way for a Paris agreement. 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.

As a result, the scale and ambition of national plans vary widely, largely reflecting each country`s capacity, level of development and contribution to emissions over time. China, for example, has committed to cleaning up its CO2 emissions by 2030 at the latest and reducing CO2 emissions per unit of gross domestic product (GDP) by 60-65% by 2030 from 2005 levels. India has set a target of reducing emissions intensity by 33-35% from 2005 levels by 2030 and producing 40% of its electricity from non-fossil fuels. In 1992, President George H.W. Bush joined 107 other heads of state at the Rio Earth Summit in Brazil to adopt a series of environmental agreements, including the UNFCCC framework, which is still in force today.

Comments are closed.