The Paris Agreement Main Points

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Both the EU and its Member States are individually responsible for ratifying the Paris Agreement. It has been reported that the EU and its 28 Member States are simultaneously depositing their instruments of ratification to ensure that neither the EU nor its Member States commit to obligations belonging exclusively to each other[71], and some feared a disagreement on each Member State`s share of the EU-wide reduction target. Just like the British vote to leave the EU, the Paris Pact could be delayed. [72] However, on 4 October 2016, the European Parliament approved the ratification of the Paris Agreement[60] and the European Union deposited its instruments of ratification on 5 October 2016 with several Eu Member States. [72] The 1.5°C target is a big leap below the 2°C agreed six years ago in Copenhagen. This structure is particularly notable for the United States – in the absence of legal targets for reduction or funding, the agreement is considered an “executive agreement and not a treaty”. Since the 1992 UNFCCC treaty has received Senate approval, this new agreement does not require further laws of Congress for it to enter into force. [33] Recognizing that many developing countries and small island states that have contributed the least to climate change are most likely to suffer the consequences, the Paris Agreement contains a plan for industrialized countries – and others that are “capable of doing so” – to continue to provide financial resources to help developing countries mitigate and increase their resilience to climate change. The agreement builds on the financial commitments of the 2009 Copenhagen Accord, which aimed to scale public and private climate finance for developing countries to $100 billion a year by 2020. (To put that in perspective, global military spending amounted to about $1.7 trillion in 2017 alone, more than a third of which came from the United States.) The Copenhagen Pact also created the Green Climate Fund to mobilize transformative financial funds with targeted public dollars.

The Paris Agreement expected the world to set a higher annual target by 2025 to build on the $100 billion target for 2020 and establish mechanisms to achieve that scale. . . .

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