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.