Risk Management and Insurance

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Paris Agreement

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Definition

The Paris Agreement is a legally binding international treaty that aims to address climate change by limiting global warming to well below 2 degrees Celsius above pre-industrial levels, with efforts to limit the temperature increase to 1.5 degrees Celsius. This agreement represents a significant collective effort by countries worldwide to mitigate the impacts of climate change and adapt to its effects, emphasizing the importance of national commitments and transparency in tracking progress.

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5 Must Know Facts For Your Next Test

  1. The Paris Agreement was adopted on December 12, 2015, during the 21st Conference of the Parties (COP21) in Paris, France.
  2. As of now, nearly every country in the world has ratified the agreement, highlighting its global significance in combating climate change.
  3. The agreement operates on a framework of voluntary commitments from each participating country, meaning that countries set their own goals for emissions reductions based on their unique circumstances.
  4. One of the key features of the Paris Agreement is the requirement for countries to report on their progress every five years, fostering transparency and accountability.
  5. The goal of limiting global temperature rise is aligned with scientific recommendations from organizations like the Intergovernmental Panel on Climate Change (IPCC), which emphasize the need for immediate action to avoid severe climate impacts.

Review Questions

  • How does the Paris Agreement facilitate international cooperation among nations in addressing climate change?
    • The Paris Agreement facilitates international cooperation by creating a common framework for countries to collectively work towards limiting global warming. Each nation voluntarily submits its Nationally Determined Contributions (NDCs), which are tailored to their specific circumstances. This encourages nations to set ambitious goals while allowing flexibility, fostering collaboration and shared responsibility in combating climate change on a global scale.
  • Discuss the role and impact of Nationally Determined Contributions (NDCs) in achieving the goals set forth by the Paris Agreement.
    • Nationally Determined Contributions (NDCs) are central to the implementation of the Paris Agreement, as they outline each country's specific emissions reduction targets and strategies. The impact of NDCs is significant because they reflect a nation's commitment to combating climate change while considering its unique economic and social context. By regularly reviewing and updating their NDCs, countries can increase their ambitions over time, contributing to collective efforts towards achieving the global temperature goals outlined in the agreement.
  • Evaluate how financial mechanisms like the Green Climate Fund support developing countries in meeting their commitments under the Paris Agreement.
    • Financial mechanisms like the Green Climate Fund play a crucial role in supporting developing countries by providing them with necessary resources and funding for climate-related projects. This support enables these nations to pursue sustainable development while addressing their specific vulnerabilities to climate change impacts. By helping develop adaptive capacities and reducing emissions, these financial initiatives contribute significantly to achieving the overall goals of the Paris Agreement, ensuring that all countries can participate effectively in global climate action.

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