The Paris Agreement is a legally binding international treaty on climate change, adopted by 196 parties at the 21st Conference of the Parties (COP21) in Paris in 2015. It aims to limit global warming to well below 2°C above pre-industrial levels and pursue efforts to limit the temperature increase even further to 1.5°C. The agreement also seeks to enhance the ability of countries to adapt to the adverse impacts of climate change and make finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.
However, despite its comprehensive scope, not all components of the Paris Agreement are considered key to its success. Here are the key components of the Paris Agreement and the one that is not considered key:
1. Nationally Determined Contributions (NDCs)
This is at the heart of the Paris Agreement, where each country sets its own emissions reduction targets and regularly reports on its progress towards achieving them. These targets are to be updated every five years and are expected to become more ambitious over time.
2. Transparency and accountability
The Paris Agreement establishes a robust transparency and accountability framework to track progress towards achieving the set targets. This includes regular reporting and review of countries` emissions and their efforts towards reducing them.
3. Adaptation
The Paris Agreement recognizes that climate change is not only about mitigation but also adaptation. It aims to strengthen the ability of countries to adapt to the adverse impacts of climate change, including through financial and technical support.
4. Finance
The Paris Agreement aims to make finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. Developed countries are required to provide financial resources to help developing countries transition to low-carbon, climate-resilient economies.
From the above components, the one that is not considered key to the Paris Agreement is finance. While it is an essential component, it is not considered the most crucial. This is because the Paris Agreement recognizes that there are significant financial challenges in transitioning to low-carbon and climate-resilient economies, but it does not make finance a prerequisite for action. Instead, the Agreement aims to create an enabling environment that encourages investment in sustainable development and climate action. This means that while finance is an important aspect of the Paris Agreement, it is not the only essential component.
In conclusion, the Paris Agreement is a comprehensive treaty that aims to address various aspects of climate change. However, not all components are considered key to its success. While finance is an important aspect of the Agreement, it is not the most crucial. The key components of the Paris Agreement are Nationally Determined Contributions, Transparency and Accountability, and Adaptation. These components form the foundation of the Paris Agreement and are crucial for achieving its objectives.