What Was The Paris Climate Agreement

(c) Align financing flows on the path to low greenhouse gas emissions and climate-resilient development. The agreement builds on the financial commitments of the 2009 Copenhagen Accord, which aimed to increase public and private climate finance for developing countries to $100 billion per year by 2020. (To put this in perspective, global military spending in 2017 alone 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 mobilise transformative financing with targeted public funds. The Paris Agreement set hope that the world would set a higher annual target by 2025 to build on the $100 billion target for 2020 and put in place mechanisms to achieve that scale. As climate change promotes rising temperatures and extreme weather events, it endangers our air, water and food. spreads the disease; and endangers our homes and our safety. We are facing a growing public health crisis. In 2015, outgoing senior UN climate officials reportedly called the $100 billion a year «peanuts» and said that «the $100 billion is the tail stirring the dog.» In 2015, the executive director of the Green Climate Fund reportedly said that estimated financing needs would increase to $450 billion a year after 2020. And no one knows where the money is going. No one could tell where to go? However, it is important to remember that the Paris Agreement is not static. Instead, it is designed to boost countries` national efforts over time – meaning that current commitments are the ground, not the ceiling of climate ambitions. The bulk of the work – reducing emissions even further by 2030 and 2050 – still needs to be done, and the agreement provides the tools to make that happen.