The Paris Agreement, which was signed by 196 parties in 2015, aims to limit the global temperature increase to below 2 degrees Celsius above pre-industrial levels. To achieve this goal, Annex II of the Paris Agreement outlines the financial resources that developed countries must provide to help developing countries mitigate and adapt to climate change.
Annex II countries are those that are members of the Organisation for Economic Co-operation and Development (OECD) or have a per capita income that is at least twice the global average. These countries are required to provide financial support to developing countries to help them reduce their greenhouse gas emissions and adapt to the impacts of climate change.
The financial resources provided by Annex II countries can take various forms, including grants, concessional loans, and loan guarantees. These resources are intended to help developing countries implement their climate change mitigation and adaptation projects, as well as build their capacity to address climate change.
Annex II of the Paris Agreement also outlines the principles that should guide the provision and utilization of financial resources. The principles include transparency, accountability, effectiveness, and gender responsiveness, among others.
While Annex II countries are required to provide financial resources to support climate action in developing countries, the Paris Agreement emphasizes that all countries have a role to play in addressing climate change. All countries are expected to take action to reduce their greenhouse gas emissions and adapt to the impacts of climate change, based on their respective capabilities and national circumstances.
In conclusion, Annex II of the Paris Agreement plays a crucial role in guiding the provision of financial resources by developed countries to support climate action in developing countries. The principles outlined in Annex II ensure that the financial resources provided are utilized effectively and with the utmost transparency and accountability. However, it is important to note that all countries have a responsibility to address climate change, and cooperation and collaboration between countries will be crucial in achieving the long-term goals of the Paris Agreement.