The agreement commits all countries to reduce their emissions and cooperate to adapt to the effects of climate change and calls on countries to strengthen their commitments over time. The agreement provides developed countries with a means to assist developing countries in their mitigation and adaptation efforts, while establishing a framework for monitoring and reporting transparently on developing countries` climate goals. The EU and its member states are among the nearly 190 parties to the Paris Agreement. The EU formally ratified the agreement on 5 October 2016, allowing it to enter into force on 4 November 2016. In order for the agreement to enter into force, at least 55 countries representing at least 55% of global emissions had to file their ratification instruments. It will also enable the contracting parties to gradually strengthen their contributions to the fight against climate change in order to achieve the long-term objectives of the agreement. 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.  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. Adaptation issues were at the forefront of the paris agreement. Collective long-term adaptation objectives are included in the agreement and countries must be accountable for their adaptation measures, making adaptation a parallel element of the mitigation agreement.  Adaptation objectives focus on improving adaptive capacity, resilience and vulnerability limitation.  There are also serious legal and constitutional issues. Foreign leaders in Europe, Asia and around the world should have no more to say about the U.S. economy than our own citizens and their elected representatives. That is why our withdrawal from the agreement is a reaffirmation of American sovereignty. (Applause) Our constitution is unique among all the nations of the world, and it is my supreme commitment and the greatest honor to protect them.