The agreement stated that it would only enter into force (and therefore fully effective) if 55 countries that produce at least 55% of global greenhouse gas emissions (according to a list drawn up in 2015)  ratify, accept, approve or adhere to the agreement.   On April 1, 2016, the United States and China, which together account for nearly 40% of global emissions, issued a joint statement confirming that the two countries would sign the Paris climate agreement.  175 contracting parties (174 states and the European Union) signed the agreement on the first day of its signing.   On the same day, more than 20 countries announced plans to join the accession as soon as possible in 2016. The ratification by the European Union has achieved a sufficient number of contracting parties to enter into force on 4 November 2016. The Paris Agreement (the Paris Agreement)  is an agreement within the framework of the United Nations Framework Convention on Climate Change (UNFCCC) that deals with the reduction, adaptation and financing of greenhouse gas emissions and was signed in 2016. The language of the agreement was negotiated by representatives of 196 States Parties at the 21st UNFCCC Conference of parties held at Le Bourget, near Paris, France, and agreed on 12 December 2015.   Since February 2020, all 196 UNFCCC members have signed the agreement and 189 have left.  Of the seven countries that are not parties to the law, Iran and Turkey are the only major emitters.
While mitigation and adjustment require more climate funding, adjustment has generally received less support and has mobilized fewer private sector actions.  A 2014 OECD report showed that in 2014, only 16% of the world`s financial resources were devoted to adaptation to climate change.  The Paris Agreement called for a balance between climate finance between adaptation and mitigation, highlighting in particular the need to strengthen support for adaptation from the parties most affected by climate change, including least developed countries and small island developing states. The agreement also reminds the parties of the importance of public subsidies, as adjustment measures receive less public sector investment.  John Kerry, as Secretary of State, announced that the United States would double its grant-based adjustment funding by 2020.  Indeed, research shows that the cost of climate activity far outweighs the cost of reducing carbon pollution. A recent study suggests that if the United States does not meet its climate targets in Paris, it could cost the economy up to $6 trillion in the coming decades.
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