Senate leader says Climate deal will mean job losses and rate hikes

The agreement was also reached as South Africa chaired the Group of 77 plus China – a group of more than 130 developing countries representing more than eighty percent of the world’s population.

“Developing countries have got words and promise of money while the developed countries have finally got rid of their historical responsibility of causing climate change”.

Once implemented, this would bring down greenhouse gas emissions to net zero within a few decades.

LOSS AND DAMAGE: In a victory for small island nations threatened by rising seas, the agreement includes a section recognizing “loss and damage” associated with climate-related disasters. Negotiators from around 200 countries have agreed to the set of goals that can help reduce the adverse impacts of Climate change. It’s the largest step the United States has ever taken to combat climate change. The process will be reviewed every five years and a $100 billion a year climate finance fund for developing countries will be established by 2020, with further financing in the future. “While the world is in turmoil and falling apart in so many different ways, especially with [the Islamic State group], our president is anxious about global warming”, said Trump, who has rejected scientific evidence about climate change in the past.

“There is nothing historic about this deal”, said American Energy Alliance President Thomas Pyle in an email to the Daily Caller News Foundation.

He acknowledged the agreement was not “perfect” and stressed that countries could not be complacent.

“Environmentalists hold a banner which reads, ‘Standing and Determined for the Climate” (Rear) at a protest demonstration near the Eiffel Tower in Paris, France, as the World Climate Change Conference 2015 (COP21) continues near the French capital in Le Bourget, December 12, 2015.

Nigel Topping, chief executive of the We Mean Business coalition of organisations working with thousands of businesses on the move to a low carbon economy, said: ” The world’s governments have sent a decisive signal to businesses and investors that will accelerate the shift towards a thriving, clean global economy. He said that he will brief Parliament about the developments in Paris and how it will benefit India.

However, the targets set by nations will not be binding under the deal struck in Paris. The accord requires nations to cut emissions at the earliest to “achieve a balance between anthropogenic emissions by sources and removals by sinks” such as forests that absorb greenhouse gases.

As evidence of American commitment, both U.S. president Barack Obama and Secretary of State John Kerry attended the talks.

“This has to happen”, he said of the agreement. “They have demanded that world leaders act to safeguard their well-being and that of generations to come”.