Recognizing that many developing countries and small island developing states that have contributed the least to climate change are most likely to suffer the consequences, the Paris Agreement contains a plan for developed countries – and others that are able to do so – to continue to provide financial resources to help developing countries reduce and increase their capacity to withstand climate change. The agreement builds on the financial commitments of the 2009 Copenhagen Accord, which aimed to increase public and private climate finance to developing countries to $100 billion per year by 2020. (To put it in perspective, in 2017 alone, global military spending amounted to about $1.7 trillion, more than a third of which came from the United States. The Copenhagen Pact also created the Green Climate Fund to mobilize transformation funding with targeted public dollars. The Paris agreement expected the world to set a higher annual target by 2025 to build on the $100 billion target by 2020 and create mechanisms to achieve this. Indeed, research shows that the cost of climate activity far outweighs the cost of reducing carbon pollution. A recent study suggests that if the United States does not meet its climate targets in Paris, it could cost the economy up to $6 trillion in the coming decades. A lack of compliance with the NPNs currently foreseen in the agreement could reduce global GDP by more than 25% by the end of the century. Meanwhile, another study estimates that achieving – or even exceeding – the Paris targets by investing in infrastructure in clean energy and energy efficiency could have great benefits globally – about $19 trillion. The president`s promise to renegotiate the international climate agreement has always been a smokescreen, the oil industry has a red phone at the Home Office, and will Trump bring food trucks to Old Faithful? Decision 1/CP.17, paragraph 22. Ibid, point 43. Decision 1/CP.20 Appendix4. htttp://unfccc.int/resource/docs/2015/adp2/eng/01.pdf5.
The Paris Agreement provides the general framework for coordinated action against climate change and plays the same role as primary law, while the COP sets out the modalities for the implementation of the framework agreement (principles, objectives, thematic areas of action) (mandates for the development of rules on climate change measures and reports) in a manner similar to derivative legislation.6 Paris Agreement Article 2.17. Paris Agreement Article 4.28. Paris Agreement Article 4.29. Decision 1/CP.1910. Decision 1/CP.2011. Article 4 of the Agreement specifies that least developed countries and small island developing states can develop and communicate strategies, plans and measures for the development of low greenhouse gas emissions, taking into account their particular circumstances, rather than requiring fully interdependent INDC12.