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Paris Agreement

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Business and Economics Reporting

Definition

The Paris Agreement is a landmark international treaty adopted in 2015 that aims to combat climate change by limiting global warming to well below 2 degrees Celsius above pre-industrial levels. It involves commitments from countries to reduce greenhouse gas emissions and to enhance their efforts over time, promoting a shift towards more sustainable practices and renewable energy sources.

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5 Must Know Facts For Your Next Test

  1. The Paris Agreement is designed to promote global cooperation among countries in order to effectively tackle climate change, with each nation expected to set its own emission reduction targets.
  2. As of now, nearly every country in the world has signed the agreement, demonstrating widespread international commitment to addressing climate change.
  3. The agreement includes a mechanism for countries to update their commitments every five years, known as the 'ambition mechanism,' aimed at increasing climate action over time.
  4. One of the key goals of the Paris Agreement is to limit the increase in global temperatures to 1.5 degrees Celsius above pre-industrial levels, which scientists say could significantly reduce the impacts of climate change.
  5. Financial support is a critical aspect of the Paris Agreement, with developed nations expected to provide funding to help developing countries transition to renewable energy and adapt to the effects of climate change.

Review Questions

  • How does the Paris Agreement encourage countries to participate in reducing greenhouse gas emissions?
    • The Paris Agreement encourages participation by allowing countries to set their own Nationally Determined Contributions (NDCs), which outline their specific emission reduction targets. This flexibility empowers nations to create plans that are tailored to their unique circumstances and capacities. Additionally, the agreement fosters a spirit of global cooperation, as countries can share strategies and innovations for reducing emissions while holding each other accountable through regular reporting and updates.
  • Discuss the implications of the ambition mechanism established by the Paris Agreement on future climate action.
    • The ambition mechanism is crucial because it requires countries to periodically reassess and enhance their NDCs every five years. This ensures that nations are continually striving for greater reductions in greenhouse gas emissions and adapting their strategies based on evolving scientific understanding and technological advancements. The mechanism also creates an environment where collective accountability encourages all countries to elevate their climate commitments over time, leading to more significant progress in mitigating climate change.
  • Evaluate how the financial provisions within the Paris Agreement support global efforts toward renewable energy adoption and climate resilience.
    • The financial provisions within the Paris Agreement play a vital role in facilitating the transition to renewable energy and enhancing climate resilience, especially for developing nations that may lack resources. Developed countries are committed to providing financial assistance to help these nations implement sustainable energy projects and adapt to climate impacts. This financial support not only aids in achieving emission reduction targets but also promotes technological transfer and capacity building, ultimately fostering a more equitable global response to climate change.

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