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. Because climate change is fuelling rising temperatures and extreme weather events, it is endangering our air, water and food; Widespread diseases and endangers our homes and security. We are facing a growing public health crisis. While the Paris Agreement ultimately aims to limit global temperature increase to 1.5 degrees Celsius this century, many studies evaluating the voluntary commitments of some countries in Paris show that the cumulative effect of these emission reductions will not be significant enough to keep temperatures below that ceiling. Indeed, the targets set by the target countries should limit the future increase in temperature between 2.7 and 3.7 degrees Celsius. At the same time, recent assessments of countries` developments in the framework of their climate targets in Paris indicate that some countries are already not meeting their commitments. The EU and its member states are among the nearly 190 parties to the Paris Agreement. The EU formally ratified the agreement on 5 October 2016, allowing it to enter into force on 4 November 2016. In order for the agreement to enter into force, at least 55 countries representing at least 55% of global emissions had to file their ratification instruments. These rules of transparency and accountability are similar to those set out in other international agreements.
Although the system does not include financial sanctions, the requirements are intended to easily monitor the progress of individual nations and promote a sense of overall group pressure, discouraging any towing of feet among countries that might consider it. The UN report warns that the terrible effects of climate change will come sooner than expected. This is why we need to follow the report`s advice and why every tonne of emissions reduction can make a difference. In addition to formal intergovernmental negotiations, countries, cities and regions, businesses and civil society members around the world are taking steps to accelerate climate cooperation efforts to support the Paris Agreement as part of the Global Climate Agenda. The Paris Agreement is a bridge between current policy and climate neutrality before the end of the century. The agreement not only formalizes the process of drawing up national plans, but also contains a binding commitment to assess and review progress made under these plans. This mechanism will require countries to constantly update their commitments and ensure that there is no regression. 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 establishes a global framework to prevent dangerous climate change by limiting global warming to a level well below 2 degrees Celsius and by making efforts to limit it to 1.5 degrees Celsius. It also aims to strengthen countries` capacity to cope with the effects of climate change and to assist them in their efforts.