Paris Agreement, fully Paris Agreement Under the United Nations Framework Convention on Climate Change, also known as the Paris Agreement on Climate Change or COP21, an international treaty, named after the city of Paris, France, in which it was adopted in December 2015, which aimed to reduce gas emissions that contribute to global warming. The Paris Agreement aimed to improve and replace the Kyoto Protocol, an earlier international agreement to reduce greenhouse gas emissions. It entered into force on 4 November 2016 and has been signed by 194 countries and ratified by 188 by November 2020. In fact, research clearly shows that the cost of climate inaction far outweighs the cost of reducing carbon pollution. A recent study suggests that if the U.S. fails to meet its Paris climate goals, it could cost the economy up to $6 trillion in the coming decades. A global failure to meet the NDCs currently set out in the agreement could reduce global GDP by more than 25% by the end of the century. At the same time, another study estimates that achieving – or even exceeding – the Paris targets through infrastructure investments in clean energy and energy efficiency could have huge global benefits – around $19 trillion. The EU is committed to increasing its financial contribution to help developing countries implement the Paris Agreement. The EU and its Member States remain the largest donor of public funding for the fight against climate change, with a total contribution of €20.4 billion in 2017. [96] The Paris Agreement establishes a global framework to prevent dangerous climate change by limiting global warming to well below 2°C and working to limit it to 1.5°C. It also aims to strengthen the capacity of countries to cope with the effects of climate change and to support them in their efforts.

In addition, countries aim to “reach a global peak in greenhouse gas emissions as soon as possible.” The deal has been described as an incentive and engine for the sale of fossil fuels. [13] [14] While not the long-term sustained temperatures that the agreement addresses, average temperatures in the first half of 2016 were about 1.3°C (2.3°F) above the 1880 average when global records began.