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The conference has been held annually since 1992 and governments use it to agree on actions to limit global temperature increases associated with climate change. During COP15 in 2005, developed countries pledged to donate US$ 100 billion per year for climate mitigation and adaptation in developing countries by 2020.
Amidst historically low oil prices and economic shutdowns, fossil fuel companies continue to defend against lawsuits brought by state and local governments claiming climate-change related damages. 1331 because the cities’ claims were “necessarily governed by federal common law.” 308, 314 (2005)). BP PLC et al., 470, 475 (1998).
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