Five myths about the Paris Climate Agreement

1 - The Paris Agreement is bad for the economy: FALSE

The transition towards a greener economy creates new local and sustainable jobs and gives a boost to all sectors of the economy. According to the OECD, climate action could increase G20 countries’ GDP by 2.8% by 2050. Employment in the renewable energies sector increased from 8.3 million to 9.98 million in 2016.

2 - Only rich countries are trying to comply with the Paris Agreement: FALSE

The Paris Agreement is a balanced and flexible agreement, designed so that all countries can contribute to it equitably. Major emerging countries like China and India have made ambitious national commitments to reduce their greenhouse gas emissions and to adapt to their effects. China is already on track to exceed its 2015 commitments.

3 - The Paris Agreement undermines national sovereignty: FALSE

The Agreement gives each country the freedom to choose its national climate commitments, with a view to complying with the goals of the Agreement. The commitments made by each country within the framework of the Paris Agreement are determined at the national level, with no constraints imposed by the Paris Agreement.

4 - The Paris Agreement is not legally binding: FALSE

The Paris Agreement is an international treaty which is enshrined in the national law of each country which has ratified it. It establishes obligations for States Parties, including an obligation to step up efforts over time and obligations regarding clarity and transparency in relation to the presentation and achievement of these efforts.

5 - Only developed countries will provide financing to implement the Paris Agreement: FALSE

All countries can make financial contributions to implement the Paris Agreement, either via multilateral funds, like the Green Climate Fund, or via bilateral financial assistance. In fact, several developing countries have contributed to the Green Climate Fund, such as Chile, Colombia and Mexico. Furthermore, China has announced a $3 billion contribution via a South-South Cooperation Fund.