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Paris Agreement

Its a legally binding international treaty on climate change. It was adopted by 196 Parties at COP 21 in Paris in 2015 and entered into force in 2016.

Paris Agreement

Paris agreement is part of the United Nations Framework Convention on Climate Change (UNFCCC), dealing with greenhouse-gas-emissions mitigation, adaptation, and finance, signed in 2015.

Under the Paris deal, industrialized nations pledged financial support for developing countries for climate protection measures, technology transfer, and capacity-building programs.

The agreement was signed by 196 countries and intends to mitigate the effects of climate change by reducing carbon emissions and limiting global temperature rise to below 2 degrees Celsius.

The Paris Agreement is a landmark in the multilateral climate change process because, for the first time, a binding agreement brings all nations into a common cause to undertake ambitious efforts to combat climate change and adapt to its effects.

It works on a 5- year cycle of increasingly ambitious climate action carried out by countries.

More and more countries and companies are establishing carbon neutrality targets. Zero-carbon solutions are becoming competitive across economic sectors representing 25% of emissions. This trend is most noticeable in the power and  transport sectors and has created many new business opportunities for early movers.

By 2030, zero-carbon solutions could be competitive in sectors representing over 70% of global emissions.

Russia, the world's 4th-largest emitter of greenhouse gases, officially joined the Paris Agreement on climate change in 2019. Russian President Putin announced that the government made a decision to join the agreement and assumed obligations to reduce greenhouse gas emissions to 75% of the 1990 levels in the next few years and to attain 70% levels by 2030.