The adoption of the agreement sends a message to the world that countries are taking the fight against climate change seriously. It is a remarkable triumph that the 196 parties to the Convention have reached this agreement. The alliance of small island states and least developed countries, whose economies and livelihoods are most affected by the negative effects of climate change, has taken the initiative to address losses and damage as a particular theme of the Paris Agreement. [33] However, developed countries were concerned that looking at the issue as a separate issue that goes beyond adaptation would create additional climate funding or imply legal responsibility for catastrophic climate events. It`s worrying. Taking action to combat climate change is now economically viable. The longer you delay, the more you pay. We can promote economic growth, eradicate extreme poverty and improve people`s health and well-being by acting today. At the 2015 Paris conference, at which the agreement was negotiated, developed countries reaffirmed their commitment to mobilize $100 billion a year to finance climate by 2020 and agreed to continue mobilizing $100 billion a year by 2025. [48] The commitment refers to the existing plan to allocate $100 billion per year to developing countries for climate change adaptation and climate change mitigation. [49] These rules of transparency and accountability are similar to those in other international agreements. Although the system does not include financial sanctions, the requirements are intended to easily monitor the progress of individual nations and promote a sense of overall group pressure, discouraging any towing of feet among countries that might consider it. It will serve as an important tool to mobilize technological aid and build the capacity of developing countries.

It will also help intensify global efforts to address and minimize losses and damage from climate change. The Kyoto Protocol, a pioneering environmental treaty adopted at COP3 in Japan in 1997, is the first time nations have agreed on country-by-country emission reduction targets.