How Much Does The Paris Agreement Cost The Us

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How Much Does The Paris Agreement Cost The Us

The main objective of the agreement is to keep the increase in the average global temperature at a level well below 2oC above pre-industrial levels, including by reducing greenhouse gas emissions. The agreement is different from the 1997 Kyoto Protocol, the last UNFCCC amendment, which was widely adopted, as no annex is established to reduce the liability of developing countries. On the contrary, emission targets have been negotiated separately for each nation and must be implemented voluntarily, so U.S. officials view the Paris agreement as an executive agreement rather than a legally binding agreement. This reversed the U.S. Congress` commitment to ratify the agreement. [20] In April 2016, the United States signed the Paris Agreement and adopted it by executive order in September 2016. President Obama forced the United States to pay $3 billion for the Green Climate Fund. [21] The Fund has set a goal of raising $100 billion per year by 2020. 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 major reasons why this agreement is so important: even if the United States were to defund $3 billion for this fund, it still would not have provided the largest contribution per capita. Sweden has already contributed $581 million, or nearly $60 per person – the largest per capita contribution in a country. And Luxembourg promised almost $94 per person, but did not fully contribute, which would make it the largest. Indeed, the United States has taken the eleventh place in its per capita contribution, after a number of European countries and Japan. Pakistan has been more honest than most of its emissions outlook and has stated bluntly: “Given future economic growth and the resulting growth in the energy sector, Pakistan`s peak emissions are expected to be well beyond 2030. It is likely that there will be an exponential increase in [greenhouse gas] emissions for many decades before we can expect a reduction in emissions.┬áThese higher costs would be spread across the economy and economic growth and employment as a whole would contract.