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The Paris Agreement Climate Change

Specific outcomes of the increased focus on financing adjustment in Paris include the announcement by G7 countries to allocate $420 million to climate risk insurance and the launch of an Early Warning and Climate Risk Systems (CREWS) initiative. [51] In 2016, the Obama administration gave the Green Climate Fund a $500 million grant as “the first part of a $3 billion commitment made at the Paris climate negotiations.” [52] [53] [54] So far, the Green Climate Fund has received more than $10 billion in commitments. It should be noted that industrialized countries such as France, the United States and Japan, but also developing countries such as Mexico, Indonesia and Vietnam, have made commitments. [33] The agreement commits all countries to reduce their emissions and cooperate to adapt to the effects of climate change and invites countries to strengthen their commitments over time. The agreement provides a way for developed countries to assist developing countries in their climate change and adaptation efforts, while creating a framework to transparently monitor and report on countries` climate goals. According to an analysis by the Intergovernmental Panel on Climate Change (IPCC), a carbon “budget” based on total carbon dioxide emissions into the atmosphere (relative to the annual emission rate) to limit global warming to 1.5°C has been estimated at 2.25 trillion tons of carbon dioxide emitted in total since 1870. This figure represents a notable increase from the figure estimated by the initial estimates of the Paris Climate Agreement (out of a total of about 2 trillion tonnes) to achieve the global warming target of 1.5°C, which would be achieved in 2020 with zero-emission rates in 2017. [Clarification needed] In addition, annual carbon emissions in 2017 are estimated at 40 billion tonnes per year. The revised IPCC budget was based on the CMIP5 climate model. Estimation models, which use different base years, also provide other slightly adjusted estimates of a carbon “budget.” [74] The Katowice package, adopted at the United Nations Climate Change Conference (COP24) in December 2018, contains common and detailed rules, procedures and guidance that regulate the Paris Agreement.

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