Developed countries provide financial resources to assist developing countries in taking mitigation and adaptation measures. Other “richer developing countries” are called upon to provide resources, but on a voluntary basis. The Paris decision sets a floor of $100 billion per year to be mobilized each year after 2025. However, the agreement does not contain any new or specific binding figures. The Paris Agreement is the first universal and legally binding global climate agreement adopted at the Paris Climate Change Conference (COP21) in December 2015. Under the agreement, countries must implement national adaptation planning processes and activities that include assessing their vulnerability and building resilience. Small island states, which are particularly vulnerable to climate change, have pushed to include the responsibility of developed countries for the loss and damage caused by the consequences of climate change. The agreement contained a reference to this issue, but did not establish any legal liability or right to compensation. The agreement requires rich countries to meet a funding commitment of $100 billion per year beyond 2020 and use that number as a “lower limit” for additional support agreed until 2025. It will also allow the parties to progressively improve their contributions to the fight against climate change in order to achieve the long-term objectives of the agreement. Countries have already agreed to mobilize $100 billion through public and private funds by 2020 to help developing countries reduce emissions and adapt to climate change.

We know that more resources need to be mobilised after 2020 as we move towards even lower emission reductions in the coming years and the need for climate resilience will become more acute. For this reason, the Paris Agreement must send a clear signal that countries will help mobilize even more financial support to help the poorest countries build low-carbon and climate-resilient economies. These investments can help boost an even larger clean energy economy around the world, make additional efforts to reduce emissions, and help countries cope with the devastating effects of climate change that will set back the well-being of their citizens. The Copenhagen-Cancún Accords essentially established a three-pronged system of transparency and accountability by: (1) requiring countries to report regularly on their emissions, climate action and the way forward to achieve their targets; 2. conduct an independent peer review of these country reports; and (3) assessing countries` progress through an international public review. This system of transparency and accountability needs to be modified and strengthened in order to hold governments accountable when developing a lasting agreement. Countries are responsible for developing, maintaining and publishing their own greenhouse gas reduction targets. The agreement states that these goals should be larger than the current goals and “should reflect the greatest possible ambition.” The agreement promotes universal access to sustainable energy in developing countries, particularly in Africa. This can be achieved through greater use of renewable energy. Financing is essential to support emerging economies and support the transition to carbon-free economies.

The agreement stipulates that from 2020, $100 billion in public and private resources will have to be raised each year to finance projects that will allow countries to adapt to the effects of climate change (sea level rise, droughts, etc.) or reduce greenhouse gas emissions. These funds should be gradually increased and some developing countries will also be able to become donors on a voluntary basis to help the poorest countries. The agreement includes a commitment to keep global temperature rise “well below” 2°C compared to pre-industrial times, while striving to limit them even further to 1.5 degrees. It is an agreement with an “action programme” that aims to implement accelerators to achieve more ambitious progress that goes beyond binding commitments. World leaders will meet in Paris to finalize an international climate agreement that requires deeper commitments from all countries to reduce emissions. If all goes well, all major countries will include their new climate commitments in this agreement. .