At the 2015 Paris conference, at which the agreement was negotiated, developed countries reaffirmed their commitment to mobilize $100 billion a year to finance climate by 2020 and agreed to continue mobilizing $100 billion a year by 2025.  The commitment refers to the existing plan to allocate $100 billion per year to developing countries for climate change adaptation and climate change mitigation.  Recognizing that many developing countries and small island developing states that have contributed the least to climate change are most likely to suffer the consequences, the Paris Agreement contains a plan for developed countries – and others that are capable of doing so – to continue to provide financial resources to help developing countries reduce and increase their resilience to climate change. The agreement builds on the financial commitments of the 2009 Copenhagen Accord, which aimed to increase public and private climate finance to developing countries to $100 billion per year by 2020. (To put it in perspective, in 2017 alone, global military spending amounted to about $1.7 trillion, more than a third of which came from the United States. The Copenhagen Pact also created the Green Climate Fund to mobilize transformation funding with targeted public dollars. The Paris agreement expected the world to set a higher annual target by 2025 to build on the $100 billion target by 2020 and create mechanisms to achieve this. Negotiators of the agreement stated that the INDCs presented at the time of the Paris conference were insufficient and found that “the estimates of aggregate greenhouse gas emissions in 2025 and 2030 resulting from the planned contributions at the national level are not covered by the least expensive scenarios of 2oC, but lead to a projected level of 55 gigatons in 2030.” and recognizes that “much greater efforts to reduce emissions will be needed to keep the global average temperature rise to less than 2 degrees Celsius, by reducing emissions to 40 gigatonnes or 1.5 degrees Celsius.”  [Clarification] The American people believe in climate change and are determined to do something about it. The Paris Agreement establishes a global framework to prevent dangerous climate change by limiting global warming to a level well below 2 degrees Celsius and by making efforts to limit it to 1.5 degrees Celsius. It also aims to strengthen countries` capacity to cope with the effects of climate change and to assist them in their efforts. 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.
The agreement commits all countries to reduce their emissions and cooperate to adapt to the effects of climate change and calls on countries to strengthen their commitments over time. The agreement provides developed countries with a means to assist developing countries in their mitigation and adaptation efforts, while establishing a framework for monitoring and reporting transparently on developing countries` climate goals. While strengthening CNN`s ambitions is an important objective of the global inventory, efforts beyond mitigation are evaluated. The five-year revisions will also assess adaptation, climate change provisions, and technology development and transfer.  The initiative to address losses and damage as a particular theme of the Paris Agreement came from the Alliance of Small Island States and Least Developed Countries, whose economies and livelihoods are most affected by the negative effects of climate change.  However, developed countries were concerned that looking at the issue as a separate issue that goes beyond adaptation would create additional climate funding or imply legal responsibility for catastrophic climate events.