Explain Paris Agreement on Climate Change.

The Paris Agreement is an international treaty adopted in December 2015 under the United Nations Framework Convention on Climate Change (UNFCCC), aimed at combating climate change and accelerating global efforts to limit global warming to well below 2 degrees Celsius above pre-industrial levels, with aspirations to limit the temperature increase to 1.5 degrees Celsius. Key components of the Paris Agreement include:

1. National Contributions (Nationally Determined Contributions, or NDCs): Under the Paris Agreement, countries submit individual climate action plans known as NDCs, outlining their commitments to reduce greenhouse gas emissions, enhance adaptation efforts, and promote climate resilience. NDCs are voluntary and self-determined, allowing countries to tailor their contributions based on national circumstances and capabilities.

2. Long-Term Goals: The Paris Agreement establishes a long-term collective goal to achieve net-zero greenhouse gas emissions in the second half of the 21st century. To achieve this goal, countries are encouraged to enhance their mitigation ambition over time and develop long-term low-emission development strategies.

3. Global Stocktake: The Paris Agreement mandates a global stocktake every five years to assess collective progress towards achieving its goals and to inform future climate action. The global stocktake evaluates the implementation of NDCs, the adequacy of collective efforts, and the overall effectiveness of global climate action.

4. Financial Support and Technology Transfer: Developed countries are obligated to provide financial support, technology transfer, and capacity-building assistance to developing countries to help them mitigate and adapt to climate change. The Paris Agreement reaffirms the commitment to mobilize $100 billion annually by 2020 and calls for increased financial flows beyond 2025.

5. Transparency and Accountability: The Paris Agreement establishes a robust transparency framework to enhance accountability and facilitate the tracking of countries' progress in implementing their NDCs. Countries are required to regularly report on their emissions, progress towards their climate goals, and the support provided and received.

6. Adaptation and Loss and Damage: The Paris Agreement recognizes the importance of adaptation to climate change impacts and addresses the needs of vulnerable countries and communities. It also establishes the Warsaw International Mechanism for Loss and Damage to address the impacts of climate change that are beyond adaptation.

The Paris Agreement represents a historic milestone in global climate diplomacy, signaling a collective commitment by nearly all countries to take decisive action to address climate change. Its flexible and inclusive framework accommodates diverse national circumstances and fosters collaboration and cooperation among countries, businesses, civil society, and other stakeholders to accelerate the transition to a low-carbon and climate-resilient future.