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What Was The Significance Of The Paris Agreement

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] The Kyoto Protocol, an environmental treaty adopted at COP3 in Japan in 1997, is the first time that nations have agreed on country-by-country emission reduction targets. The protocol, which only came into force in 2005, set binding emission reduction targets only for industrialized countries, based on the fact that they are responsible for most of the world`s high greenhouse gas emissions. The United States first signed the agreement, but never ratified it; President George W. Bush argued that the agreement would hurt the U.S. economy because developing countries such as China and India would not be included.

In the absence of the participation of these three countries, the effectiveness of the treaty was limited, as its objectives covered only a small fraction of total global emissions. The agreement was not only aimed at limiting global warming, but also included targets in a number of other important areas, such as climate finance, to help developing countries and transparency to ensure that countries deliver on their promises. However, there are legitimate fears about the lack of ambition of the Paris agreement. The number of 2 degrees seems a bit arbitrary and is not really supported by real science – but everyone can agree that it is a starting point that is better than nothing. This is not a new market. In 2009, industrialized countries pledged to jointly mobilize $100 billion a year to finance climate for developing countries by 2020. The agreement requires rich countries to meet a funding commitment of $100 billion a year beyond 2020, to use this figure as a “ground” for the additional aid agreed until 2025 – and to encourage even more ambitious investment.

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