Indeed, research shows that the cost of climate activity far outweighs the cost of reducing carbon pollution. A recent study suggests that if the United States does not meet its climate targets in Paris, it could cost the economy up to $6 trillion in the coming decades. A lack of compliance with the NPNs currently foreseen in the agreement could reduce global GDP by more than 25% by the end of the century. Meanwhile, another study estimates that achieving – or even exceeding – the Paris targets by investing in infrastructure in clean energy and energy efficiency could have great benefits globally – about $19 trillion. The EU and its member states are among the nearly 190 parties to the Paris Agreement. The EU formally ratified the agreement on 5 October 2016, allowing it to enter into force on 4 November 2016. In order for the agreement to enter into force, at least 55 countries representing at least 55% of global emissions had to file their ratification instruments. The Paris Agreement is the first legally binding universal global agreement on climate change adopted at the Paris Climate Change Conference (COP21) in December 2015. In order to promote the integrated approach it implements, France continues to work to maintain the momentum created by COP21. She was therefore an active participant in COP23 held in Bonn, Germany, in November 2017. States met to work on the formulation of the rules for implementing the Paris Agreement and to discuss the ambition of national climate commitments. The government argues that the probability of a catastrophic increase in global temperature is justified by the erosion of fuel efficiency standards. Yes, you read it right.
The Katowice package adopted at the United Nations Climate Change Conference (COP24) in December 2018 contains common and detailed rules, procedures and guidelines that affect the Paris agreement in the operation. Now, that future could be in jeopardy, as President Donald Trump prepares to pull the United States out of the agreement – a step he can only legally take after the next presidential election – as part of a larger effort to dismantle decades of U.S. environmental policy. Fortunately, instead of giving up the fight, city, state, economy and citizens across the country and around the world are stepping up efforts to advance the clean energy advances needed to achieve the goals of the agreement and curb dangerous climate change, with or without the Trump administration. Although the United States and Turkey are not parties to the agreement, as they have not indicated their intention to withdraw from the 1992 UNFCCC, they will continue to be required, as an “Annex 1” country under the UNFCCC, to end national communications and establish an annual inventory of greenhouse gases.  First, it will be difficult to achieve the ambitious objectives of the agreement unless the private sector participates in content and relevance, but to do so, companies need the right political and fiscal signals to justify a reorganization of their strategies. Signals should focus on the removal of fossil fuel subsidies, the introduction of carbon prices, green construction performance standards or guaranteed electricity benefits contracts for renewable energy. Although the long-term persistent temperatures signed up to the agreement, average temperatures in the first half of 2016 were about 1.3 degrees Celsius above the 1880 average when global records began.  InDCs become NDCs – nationally determined contributions – as soon as a country formally adheres to the agreement.