The Paris accord isn’t only about cutting emissions, some states are already finding ways to meet climate finance commitments
Across the US, just about everywhere outside the White House, there is a growing realisation that climate change is a serious issue that needs to be tackled.
A growing coalition of ‘sub-nationals’ – that is states, cities, corporations, counties, universities, grass-root networks, non-profit organisations, individuals – have called the withdrawal from the Paris Agreement by the Trump administration a reckless act of geo-political vandalism. Thousands have signed pledges to stick to the deal struck in 2015.
But the Paris Agreement is not just about emission reductions. It is, as highlighted in a recent Climate Home article, equally about providing financial supportto developing countries – especially vulnerable ones – in their fight against climate change and its adverse impacts.
One of the key instruments of the Paris Agreement for this purpose is a number of multilateral funds collectively known as the agreement’s ‘financial mechanism’. These funds serve as a beacon to developing countries that their plight is recognised and appreciated. This helps to reduce the prevailing sense of injustice, which otherwise would scupper all efforts to coordinate the worldwide carbon cuts necessary to address climate change successfully.
Climate Weekly: Sign up for your essential climate news update
With this in mind, the question then is how can these ‘sub-nationals’ contribute to multilateral…
