The Paris Agreement, adopted in 2015, is an international treaty that aims to keep global temperatures from rising more than 2 degrees Celsius above preindustrial levels. The United States, under former President Barack Obama, was one of the 195 countries that signed the agreement. The agreement requires countries to set their own targets for reducing greenhouse gas emissions and to report on their progress.
However, in 2017, former President Donald Trump announced that the United States would withdraw from the Paris Agreement, citing concerns about the impact on the U.S. economy and jobs. President Joe Biden reversed that decision on his first day in office, and the U.S. officially rejoined the agreement on February 19, 2021.
So, what are the financial obligations that the U.S. has under the Paris Agreement? It turns out that the agreement doesn`t actually require countries to give money to any particular fund or organization. However, there are a few financial commitments that the U.S. has made as part of its participation in the agreement.
First, the U.S. has pledged to contribute to the Green Climate Fund, which supports developing countries in their efforts to mitigate and adapt to climate change. The fund is intended to help countries transition to cleaner energy sources, build resilience to climate impacts, and reduce emissions from deforestation and other land-use changes. The U.S. pledged $3 billion to the fund under President Obama, but has not fulfilled that commitment. President Biden has promised to make a $1.2 billion contribution to the fund in his first year in office.
Second, the U.S. has committed to providing financial and technical support to other countries to help them meet their climate goals. This support could take many forms, from providing renewable energy technology to helping countries adapt to sea level rise and other climate impacts. The U.S. has not yet made specific commitments in this area under the Paris Agreement, but Biden has pledged to double the country`s climate finance contributions by 2024.
Finally, the Paris Agreement requires countries to report on their greenhouse gas emissions and their progress in meeting their climate targets. The U.S. is required to submit regular reports on its emissions and progress, which will likely require some investment in monitoring and reporting systems.
Overall, the financial obligations of the U.S. under the Paris Agreement are not huge, but they do represent a significant commitment to addressing climate change. By contributing to the Green Climate Fund, supporting other countries in their efforts to reduce emissions and adapt to climate impacts, and reporting on its own progress, the U.S. is playing a role in the global effort to combat climate change.