Paris Agreement

The agreement not only acknowledges the urgency and severity of the global climate crisis but also recognizes the integral role played by sustainable development in addressing this challenge. Moreover, it highlights the need for an unprecedented level of international cooperation towards a low carbon economy.

To achieve its long-term temperature goal, the Paris Agreement puts in place a mechanism for countries to increase the level of ambition of their greenhouse gas emissions reductions commitments, known as nationally determined contributions (NDCs), over time. The Agreement requires all Parties to report regularly on their emissions and on their implementation efforts. A global stocktake, held every five years, will assess collective progress towards achieving the Agreement’s purpose in a comprehensive and facilitative manner.

Fundamentally, the Paris Agreement establishes a financial structure aimed at supporting actions by developing countries. The advanced economies must mobilize $100 billion annually from 2020 to assist these countries in their climate change mitigation and adaptation efforts.

Essentially, by providing a framework for transitioning the world to a sustainable, low-carbon future, the Paris Agreement has fundamentally shifted the global discourse on climate change.