Specific results of increased attention to adjustment financing in Paris include the announcement by the G7 countries of $420 million for climate risk insurance and the launch of a Climate Risk and Early Warning Systems (CREWS) initiative. [51] In 2016, the Obama administration awarded a $500 million grant to the „Green Climate Fund” as „the first part of a $3 billion commitment made at the Paris climate talks.” [52] [53] [54] To date, the Green Climate Fund has received more than $10 billion in commitments. The commitments come mainly from developed countries such as France, the United States and Japan, but also from developing countries such as Mexico, Indonesia and Vietnam. [33] The EU is also a leader in international climate finance to help developing countries fight climate change. The agreement stated that it would only enter into force (and therefore fully effective) if 55 countries that produce at least 55% of global greenhouse gas emissions (according to a list drawn up in 2015) [65] ratify, accept, approve or adhere to the agreement. [66] [67] On April 1, 2016, the United States and China, which together account for nearly 40% of global emissions, issued a joint statement confirming that the two countries would sign the Paris climate agreement. [69] 175 contracting parties (174 states and the European Union) signed the agreement on the first day of its signing. [59] [70] On the same day, more than 20 countries announced plans to join the accession as soon as possible in 2016. The ratification by the European Union has achieved a sufficient number of contracting parties to enter into force on 4 November 2016. The EU-27 has made the fight against climate change one of the three main priorities of its re-establishment of COVID-19. In July 2020, the Heads of State and Government of the Member States agreed that at least 30% of their budgetary and multi-year recovery fund agreed in July 2020 would be spent on achieving the EU`s 2050 climate neutrality target and achieving the 2030 emissions reduction target. However, the EU has not yet reached an agreement on the exact amount of this objective.
As part of the EU Green Agreement, the EU plans to revise almost all of its climate legislation and supplement it with additional measures. This includes strengthening the role of the European institutions, in particular the European Commission, in defining the EU`s emissions trajectories after 2030. Another key difference between the Paris Agreement and the Kyoto Protocol is its scope. While the Kyoto Protocol distinguishes between Schedule 1 countries and those not annexed to Schedule 1, this branch is scrambled in the Paris Agreement, as all parties must submit emission reduction plans. [34] While the Paris Agreement continues to emphasize the principle of „common but differentiated responsibility and respective capabilities” – the recognition that different nations have different capacities and duties to combat climate change – it does not offer a specific separation between developed and developing countries. [34] It therefore appears that negotiators will have to continue to address this issue in future rounds of negotiations, although the debate on differentiation could take on a new dynamic. [35] It will also allow the parties to gradually strengthen their contributions to the fight against climate change in order to achieve the long-term objectives of the agreement.