Cop 21 Paris Agreement

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] 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. Adaptation issues were at the forefront of the paris agreement. Collective long-term adaptation objectives are included in the agreement and countries must be accountable for their adaptation measures, making adaptation a parallel element of the mitigation agreement. [46] Adaptation objectives focus on improving adaptive capacity, resilience and vulnerability limitation.

[47] 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. Every five years, governments are accountable for their progress and plans to reduce greenhouse gas emissions.