Indeed, research shows that the cost of climate activity far outweighs the cost of reducing carbon pollution. A recent study suggests that if the United States does not meet its climate targets in Paris, it could cost the economy up to $6 trillion in the coming decades. A lack of compliance with the NPNs currently foreseen in the agreement could reduce global GDP by more than 25% by the end of the century. Meanwhile, another study estimates that achieving – or even exceeding – the Paris targets by investing in infrastructure in clean energy and energy efficiency could have great benefits globally – about $19 trillion. President Trump is pulling us out of the Paris climate agreement. 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? The authors of the agreement have set a withdrawal period that President Trump must follow – which prevents him from irreparably harming our climate. The Paris Agreement is a step forward in multilateral efforts to address the threat of global climate change. For the first time, an international agreement on reducing greenhouse gas emissions contains contributions from all major emission countries – and indeed a large majority of the world`s countries. In addition, the agreement contains a dynamic feature that strengthens mitigation obligations over time.
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. It is rare that there is a consensus among almost all nations on a single subject. But with the Paris agreement, world leaders agreed that climate change was driven by human behaviour, that it was a threat to the environment and to humanity as a whole, and that global action was needed to stop it. In addition, a clear framework has been put in place for all countries to make commitments to reduce emissions and strengthen these measures over time.
Here are some important reasons why this agreement is so important: after an election campaign promise, Trump – a climate denier who claimed climate change was a “hoax” of China, announced in June 2017 his intention to withdraw the United States from the Paris agreement.