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 president`s promise to renegotiate the international climate agreement has always been a smokescreen, the oil industry has a red phone at the Home Office, and will Trump bring food trucks to Old Faithful? Ahead of the December 2019 discussions at the 25th Conference of the Parties to the United Nations Framework Convention on Climate Change, climate scientists said that about 75% of current national plans were not enough to put the world on track to meet the Paris Agreement`s goal of limiting global warming to between 1.5 and 2 degrees Celsius. This is part of the Paris Agreement`s efforts to « reduce » emissions. Since analysts agreed in 2014 that CNN would not limit temperature rise below 2 degrees Celsius, the global inventory again brings the parties together to assess the evolution of their new CNN to permanently reflect a country`s « highest possible ambitions. »  The Paris Agreement  is an agreement under the United Nations Framework Convention on Climate Change (UNFCCC) that deals with the reduction, adaptation and financing of greenhouse gas emissions and was signed in 2016. The language of the agreement was negotiated by representatives of 196 States Parties at the 21st UNFCCC Conference of parties held at Le Bourget, near Paris, France, and agreed on 12 December 2015.   Since February 2020, all 196 UNFCCC members have signed the agreement and 189 have left.  Of the seven countries that are not parties to the law, Iran and Turkey are the only major emitters.
Unlike the Kyoto Protocol, which set legally binding emission reduction targets (as well as penalties for non-compliance) only for industrialized countries, the Paris Agreement requires all countries – rich, poor, developed and developing – to take their share and reduce their greenhouse gas emissions. To this end, the Paris Agreement provides for greater flexibility: commitments that countries should make are not included, countries can voluntarily set their emissions targets and countries will not be penalized if they do not meet their proposed targets. But what the Paris agreement requires is to monitor, report and reassess, over time, the objectives of individual and collective countries, in order to bring the world closer to the broader objectives of the agreement. And the agreement stipulates that countries must announce their next round of targets every five years, contrary to the Kyoto Protocol, which was aimed at this target but which contained no specific requirements to achieve this goal. In the end, all parties recognized the need to « prevent, minimize and address losses and damages, » but in particular any mention of compensation or liability is excluded.  The Convention also takes up the Warsaw International Loss and Damage Mechanism, an institution that will attempt to answer questions about how to classify, address and co-responsible losses.  Countries are also working to reach « the global peak in greenhouse gas emissions » as soon as possible.