On Friday, November 4, 2016, 192 countries and the European Union signed the Paris Agreement made within the United Nations Framework Convention on Climate Change, dealing with greenhouse gases emissions mitigation, adaptation, and finance starting in the year 2020. The Paris Agreement is the world’s first comprehensive agreement to deal with the effects of climate change. The aim is to hold the increase in global temperature to well below 2 degrees Celsius, with the aim to limit the increase to 1.5 degrees Celsius.
The agreement is designed to adapt to the adverse impacts of climate change and foster resilience in a manner that does not threaten food production, while also creating a financial framework in the form of carbon tax that would force industries to pay for the pollution they create. Additionally, tens of billions of green bonds have been issued to fund environmental projects. The implementation of the agreement will be evaluated every five year, with the first evaluation to take place in 2023. Iraq, Nicaragua, Syria, and Uzbekistan are entitled to sign that Paris Agreement, but have not done so as yet.