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.  In order to “significantly reduce the risks and effects of climate change,” the agreement calls for the average increase in global temperature over this century to be well below 2 degrees Celsius, while continuing efforts to limit the increase in temperature to 1.5 degrees Celsius. It also calls on countries to commit as quickly as possible to comparing global greenhouse gas emissions and to become carbon neutral by the second half of this century. To achieve these goals, 186 countries – responsible for more than 90% of global emissions – presented CO2 reduction targets prior to the Paris conference, known as “determined national contributions” (INDC). These targets set out the commitments made by each country to reduce emissions until 2025 or 2030, including macroeconomic targets for co2 reduction and individual commitments of some 2,250 cities and 2,025 companies.
Climate change is a global emergency that transcends national borders. This is an issue that requires coordinated solutions at all levels and international cooperation to help countries move towards a low-carbon economy. While the agreement has been welcomed by many, including French President Francois Hollande and UN Secretary-General Ban Ki-moon, criticism has also emerged. James Hansen, a former NASA scientist and climate change expert, expressed anger that most of the agreement is made up of “promises” or goals, not firm commitments.  He called the Paris talks a fraud with “nothing, only promises” and believed that only a generalized tax on CO2 emissions, which is not part of the Paris agreement, would force CO2 emissions down fast enough to avoid the worst effects of global warming.  Countries are also working to reach “the global peak in greenhouse gas emissions” as soon as possible. The agreement has been described as an incentive and engine for the sale of fossil fuels.   The EU will increase its international contribution to the fight against climate change to reach the target of $100 billion per year for industrialized countries by 2020 and by 2025.
By 2025, the parties to the UN Convention on Climate Change will set a new common goal. The Council adopted conclusions on EU climate and energy diplomacy as part of the implementation of the EU`s comprehensive strategy.