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That’s because countries previously agreed under the ParisAgreement that, by the end of 2024, they would decide on the new quantum of climate finance for lower-income countries, building on the previous target of $100 billion/year. Here’s what’s on the agenda at COP29 in Baku, Azerbaijan, and why it matters.
of the ParisAgreement establishes a “Global Goal on Adaptation” (GGA), committing Parties to the tasks of “enhancing adaptive capacity, strengthening resilience and reducing vulnerability to climate change, with a view to contributing to sustainabledevelopment and ensuring an adequate response in the context of the temperature goal.”
This official inner circle is now doing the business of the three separate international treaties in force for climate change: the 1992 Framework Convention on Climate Change (FCCC), the 1992 Kyoto Protocol (Yes, it still exists and is in force, although the United States is not a party), and the 2015 ParisAgreement.
The sector is expected to employ 1 million people by 2025. Even the landmark 2015 ParisAgreement had only a small impact on employment. By 2025, that figure is expected to be somewhere between 500,000 and 1 million. The word online is that these jobs can pay as much as 150,000 yuan (US$20,900) per month.
When countries signed on to the 2015 ParisAgreement, they made initial voluntary commitments (the so-called Nationally Determined Contributions or NDCs) to reduce their heat-trapping emissions, and agreed to revisit them every five years to reflect the “highest possible ambition.” (see of the ParisAgreement ).
Governments are being asked to commit to more ambitious emission reduction commitments for 2030 and beyond by 2025, as part of the regular cycle of updates in line with the latest science called for in the ParisAgreement, as well as to boost climate finance commitments from rich nations.
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