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Financial and technological commitments under UNFCCC and Paris agreement

Topics Covered: Conservation, environmental pollution and degradation, environmental impact assessment.

Financial and technological commitments under UNFCCC and Paris agreement

The fourth edition of the virtual Ministerial on Climate Action was recently held.

  • The meeting was co-chaired by European Union, China and Canada.

Outcomes of the meet:

Developed country parties were called upon to do their part as envisaged under UNFCCC and its Paris Agreement, for extending financial and technological support to developing countries.

What was announced under the Paris Agreement?

At the Paris Conference in 2015 where the Agreement was negotiated, the developed countries reaffirmed the commitment to mobilize $100 billion a year in climate finance by 2020, and agreed to continue mobilizing finance at the level of $100 billion a year until 2025.

What is the Paris Agreement?

It is a historic international accord that brings almost 200 countries together in setting a common target to reduce global greenhouse emissions in an effort to fight climate change.

  1. The pact seeks to keep global temperature rise to below 2 degrees Celsius from pre-industrial levels, and to try and limit the temperature increase even further to 1.5 degrees Celsius.
  2. To this end, each country has pledged to implement targeted action plans that will limit their greenhouse gas emissions.
  3. The Agreement asks rich and developed countries to provide financial and technological support to the developing world in its quest to fight and adapt to climate change.


The UNFCCC was adopted in 1992 at the Rio Earth Summit, which marked the beginning of the international community’s first concerted effort to confront the problem of climate change.

Known also as the Rio Convention, the UNFCCC established a framework for action to stabilise concentrations of greenhouse gases in the earth’s atmosphere.

  • The UNFCCC entered into force in 1994.


Sources: pib.