Upcoming Paris Climate Agreement
While mitigation and adjustment require more climate funding, adjustment has generally received less support and has mobilized fewer private sector actions.  A 2014 OECD report showed that in 2014, only 16% of the world`s financial resources were devoted to adaptation to climate change.  The Paris Agreement called for a balance between climate finance between adaptation and mitigation, highlighting in particular the need to strengthen support for adaptation from the parties most affected by climate change, including least developed countries and small island developing states. The agreement also reminds the parties of the importance of public subsidies, as adjustment measures receive less public sector investment.  John Kerry, as Secretary of State, announced that the United States would double its grant-based adjustment funding by 2020.  The authors of the agreement have built a time line for the withdrawal that President Trump must follow – which prevents him from irreparably harming our climate. “We are constantly seeing progress in implementing the Paris Agreement,” Figueres said at a press conference earlier this week, ahead of Saturday`s summit in Glasgow, Britain, before the pandemic forced cancellation. “Not as fast as we want it to be, but it`s really moving forward.” Although both the Kyoto Protocol and the Paris Agreement intend to combat climate change, there are significant differences between them. Under the Paris Agreement, each country must define, plan and report regularly on its contribution to the fight against global warming.
 There is no mechanism for a country to set an emission target for a specified date, but any target should go beyond the previous targets. The United States formally withdrew from the agreement the day after the 2020 presidential election, although President-elect Joe Biden said America would return to the agreement after his inauguration.  “Green energy is not yet a substitute for fossil fuels – it is only expanding it,” says Timothy Lenton, a climatologist at the University of Exeter in the UK.