At its meeting on 10 November 2015, the ECOFIN Council adopted conclusions on climate finance. The findings recognize the role of climate finance as a means of keeping global warming below 2 degrees Celsius and towards a transition to climate-resilient greenhouse gas emissions and sustainable economies. They also focused on the EU`s contribution to climate finance, which amounts to $100 billion a year, from a multitude of sources promised by industrialized countries by 2020. Ministers agreed that significant resources were needed to help developing countries cope adequately with climate change. In 1992, President George H.W. Bush joined 107 other heads of state at the Rio Earth Summit in Brazil to adopt a series of environmental agreements, including the UNFCCC framework, which is still in force today. The international treaty aims to prevent dangerous human intervention in the planet`s climate systems in the long term. The pact does not set limits on greenhouse gas emissions from individual countries and does not contain enforcement mechanisms, but establishes a framework for international negotiations on future agreements or protocols to set binding emissions targets. Participating countries meet annually at a Conference of the Parties (COP) to assess their progress and continue discussions on how best to combat climate change. The Paris Agreement is the world`s first comprehensive climate agreement.  A study published in 2018 shows a threshold where temperatures could reach 4 or 5 degrees (ambiguous formulation, continuity would be 4 to 5 degrees Celsius) compared to pre-industrial levels, thanks to self-amplifying feedbacks in the climate system, indicating that this threshold is below the 2-degree temperature target agreed in the Paris climate agreement. Study author Katherine Richardson points out: “We find that in its history, the Earth has never had a nearly stable state, warmer than that of pre-industrial, and suggests that there is a significant risk that the system itself, because of all these other processes, will want to continue warming, even if we stop emissions. This means not only reducing emissions, but much more.  Among other things, countries need to report their greenhouse gas inventories and progress towards their targets, so that external experts can assess their success.
Countries should also review their commitments by 2020 and present new targets every five years to further reduce emissions. They must participate in a “comprehensive state of affairs” to measure collective efforts in order to achieve the long-term goals of the Paris Agreement. In the meantime, developed countries must also assess the financial assistance they will provide to developing countries to help them reduce their emissions and adapt to the effects of climate change. Another key difference between the Paris Agreement and the Kyoto Protocol is its scope. While the Kyoto Protocol distinguishes between Schedule 1 countries and those not annexed to Schedule 1, this branch is scrambled in the Paris Agreement, as all parties must submit emission reduction plans.  While the Paris Agreement continues to emphasize the principle of “common but differentiated responsibility and respective capabilities” – the recognition that different nations have different capacities and duties to combat climate change – it does not offer a specific separation between developed and developing countries.  It therefore appears that negotiators will have to continue to address this issue in future rounds of negotiations, although the debate on differentiation could take on a new dynamic.  Since then, Turkey has argued that it is a developing country and that it has gained special circumstances allowing it to opt out of the provision of financial resources.