Why in the news?

• More than 100 countries now experience at least 10 more “hot days” a year than a decade ago when the Paris climate accord was drawn up, scientists have said, as greenhouse gas emissions failed to be reduced.

Paris Agreement

• Signed in: December 2015 during COP21 in Paris by 196 parties.
• Aims: To combat climate change and transition to a low-carbon future.
• Goals:
  • Temperature Target: Limit global warming to well below 2°C; aim for 1.5°C above pre-industrial levels.
  • Key Focus Areas :
    • Adaptation: Build resilience to climate impacts.
    • Mitigation: Reduce greenhouse gas (GHG) emissions.
    • Finance: Mobilize resources for developing nations. 
• Features:
  • Nationally Determined Contributions (NDCs): Countries set and update their emission reduction targets every five years.
  • Global Stocktake: Reviews collective progress every five years.
  • Transparency Framework: Ensures accurate reporting of emissions and actions.
  • Climate Finance: Developed nations pledged $100 billion annually to support developing countries until 2025.
• Challenges:
  • Funding Gaps: Inadequate financial resources for implementation.
  • Non-Binding Nature: No penalties for missing targets.
  • Inequality: Developing nations need support to balance growth and sustainability.
• Progress and Future Outlook:
  • Global renewable energy use is increasing, but emissions are still rising.
  • Achieving the 1.5°C target requires enhanced cooperation, updated NDCs, and stronger financial commitments.