Posted by on 11. April 2021

Recognizing that many developing countries and small island developing states that have contributed the least to climate change are most likely to suffer the consequences, the Paris Agreement contains a plan for developed countries – and others that are able to do so – to continue to provide financial resources to help developing countries reduce and increase their capacity to withstand climate change. The agreement builds on the financial commitments of the 2009 Copenhagen Accord, which aimed to increase public and private climate finance to developing countries to $100 billion per year by 2020. (To put it in perspective, in 2017 alone, global military spending amounted to about $1.7 trillion, more than a third of which came from the United States. The Copenhagen Pact also created the Green Climate Fund to mobilize transformation funding 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 by 2020 and create mechanisms to achieve this. To achieve a more sustainable path, the world`s leading public and private financial institutions must not only invest more in clean new alternatives, but also stop investing in old environmental technologies. In the wake of the COVID 19 crisis, governments are providing unprecedented investments to create economies and jobs. There is strong evidence that these investments should focus on low-carbon, climate-resilient projects. Finally, instead of giving China and India a passport to pollution, as Trump asserts, the pact is the first time these two major developing countries have agreed on concrete and ambitious climate commitments. The two countries, which are already poised to be world leaders in renewable energy, have made considerable progress in achieving their Paris goals. And since Trump announced his intention to withdraw the United States from the agreement, the Chinese and Indian leaders have reaffirmed their commitment and continued to implement domestic policies to achieve their goals. Although this has been going on for a long time, there is still a sense of disappointment for many Americans who believe that climate change is the greatest global challenge and that the United States should oppose it.

The alliance of small island states and least developed countries, whose economies and livelihoods are most affected by the negative effects of climate change, has taken the initiative to address losses and damage as a particular theme of the Paris Agreement. [33] However, developed countries were concerned that looking at the issue as a separate issue that goes beyond adaptation would create additional climate funding or imply legal responsibility for catastrophic climate events. The NDC partnership was launched at COP22 in Marrakech to improve cooperation so that countries have access to the technical knowledge and financial support they need to achieve major climate and sustainable development goals. The NDC partnership is led by a steering committee made up of industrialized and developing countries and international institutions and is supported by a support unit organized by the World Resources Institute and based in Washington, D.C. and Bonn, Germany. The NDC partnership is co-chaired by the governments of Costa Rica and the Netherlands and has 93 Member States, 21 institutional partners and 10 associate members. The president`s promise to renegotiate the international climate agreement has always been a smokescreen, the oil industry has a red phone at the Home Office, and will Trump bring food trucks to Old Faithful? So far, the European Union is at the forefront of investment in the green recovery.