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In December 2015, countries adopted the Paris Agreement on climate change. For the first time, 195 Parties to the UN Framework Convention on Climate Change (UNFCCC) pledged to curb emissions, strengthen resilience and joined to take common climate action. This followed two weeks of negotiations at the United Nations climate change conference.
Many governments face the triple challenge of reducing environmental risks, while fostering economic growth and reducing poverty. Green fiscal reform (GFR) as a policy approach can improve fiscal consolidation, spur innovation, and help identify smarter ways for government taxation and spending.