Paris Club

The Paris Club (French: Club de Paris) is an informal group of officials from creditor countries whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries. As debtor countries undertake reforms to stabilize and restore their macroeconomic and financial situation, Paris Club creditors provide an appropriate debt treatment. Paris Club creditors provide debt treatments to debtor countries in the form of rescheduling, which is debt relief by postponement or, in the case of concessional rescheduling, reduction in debt service obligations during a defined period (flow treatment) or as of a set date (stock treatment).

The Paris Club was created gradually from 1956, when the first negotiation between Argentina and its public creditors took place in Paris. The Paris Club treats public claims, that is to say, those due by governments of debtor countries and by the private sector, guaranteed by the public sector to Paris Club members. A similar process occurs for public debt held by private creditors in the London Club, which was organized in 1970 on the model of the Paris Club is an informal group of commercial banks meet to renegotiate the debt they hold on sovereign debtors.

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Paris

Paris (UK: /ˈpærɪs/ PARR-iss; US: ⁱ/ˈpɛərɪs/ PAIR-iss; French: [paʁi]) is the capital and most populous city of France. Situated on the Seine River, in the north of the country, it is in the centre of the Île-de-France region, also known as the région parisienne, "Paris Region". The City of Paris has an area of 105 km² (41 mi²) and a population of 2,241,346 (2014 estimate) within its administrative borders essentially unchanged since 1860.

Since the 19th century, the built-up area of Paris has grown far beyond its administrative borders; together with its suburbs, the whole agglomeration has a population of 10,550,350 (Jan. 2012 census).Paris' metropolitan area spans most of the Paris region and has a population of 12,341,418 (Jan. 2012 census), or one-fifth of the population of France. The administrative region covers 12,012 km² (4,638 mi²), with approximately 12 million inhabitants as of 2014, and has its own regional council and president.

Paris was founded in the 3rd century BC by a Celtic people called the Parisii, who gave the city its name. By the 12th century, Paris was the largest city in the western world, a prosperous trading centre, and the home of the University of Paris, one of the first in Europe. In the 18th century, it was the centre stage for the French Revolution, and became an important centre of finance, commerce, fashion, science, and the arts, a position it still retains today.

2015 United Nations Climate Change Conference

The 2015 United Nations Climate Change Conference, COP 21 or CMP 11 was held in Paris, France, from 30 November to 12 December 2015. It was the 21st yearly session of the Conference of the Parties (COP) to the 1992 United Nations Framework Convention on Climate Change (UNFCCC) and the 11th session of the Meeting of the Parties to the 1997 Kyoto Protocol.

The conference negotiated the Paris Agreement, a global agreement on the reduction of climate change, the text of which represented a consensus of the representatives of the 196 parties attending it. The agreement will become legally binding if joined by at least 55 countries which together represent at least 55 percent of global greenhouse emissions. Such parties will need to sign the agreement in New York between 22 April 2016 (Earth Day) and 21 April 2017, and also adopt it within their own legal systems (through ratification, acceptance, approval, or accession).

According to the organizing committee at the outset of the talks, the expected key result was an agreement to set a goal of limiting global warming to less than 2 degrees Celsius (°C) compared to pre-industrial levels. The agreement calls for zero net anthropogenic greenhouse gas emissions to be reached during the second half of the 21st century. In the adopted version of the Paris Agreement, the parties will also "pursue efforts to" limit the temperature increase to 1.5 °C. The 1.5 °C goal will require zero emissions sometime between 2030 and 2050, according to some scientists.