The Paris Accord and Other Climate Agreements
The Paris Agreement (2015)
The Paris Agreement, also known as the Paris Accord, is a landmark international treaty adopted in 2015 at COP21 in Paris. It builds on previous frameworks like the Kyoto Protocol and aims to strengthen the global response to climate change. Key elements of the Paris Agreement include:

Emissions Reduction Targets (NDCs): Countries set their own nationally determined contributions (NDCs) to reduce greenhouse gas emissions, with the overarching goal of limiting global temperature rise to well below 2°C above pre-industrial levels and pursuing efforts to keep it below 1.5°C.
Global Stocktake: Every five years, countries are to assess their progress towards achieving the agreement’s long-term goals and submit updated NDCs.
Net-Zero Emissions: The agreement aims for global net-zero emissions in the second half of the century, meaning the amount of greenhouse gases emitted should equal the amount removed from the atmosphere.
Kyoto Protocol (2005)
The Kyoto Protocol, which came into force in 2005, was the first legally binding international treaty aimed at reducing greenhouse gas emissions. It required developed countries to cut their emissions by an average of 5% below 1990 levels but did not impose obligations on developing countries, including major emitters like China and India.

Montreal Protocol (1987)
Although primarily aimed at protecting the ozone layer by phasing out the production of ozone-depleting substances, the Montreal Protocol has also contributed to climate change mitigation. The Kigali Amendment (2016) extended the protocol to phase down hydrofluorocarbons (HFCs), which are potent greenhouse gases.

UN Framework Convention on Climate Change (UNFCCC, 1992)
The UNFCCC was the first major international treaty to address climate change. It established the Conference of the Parties (COP) as an annual forum for negotiating further agreements, leading to the adoption of the Kyoto Protocol and the Paris Agreement.

Progress and Challenges
Since the Paris Agreement, countries have made some progress in strengthening their climate commitments. For instance, the United States, under President Joe Biden, rejoined the Paris Agreement and announced ambitious targets to cut emissions by 50-52% from 2005 levels by 2030. The European Union pledged to reduce emissions by at least 55% from 1990 levels by 2030.

However, significant challenges remain. The global stocktake process in 2023 revealed that the world is not on track to meet the Paris Agreement's goals. Current policies could result in a temperature rise of 2.7°C by 2100, far exceeding the targets set in Paris. Efforts like the Loss and Damage Fund established at COP27 aim to address climate inequities, but the absence of key leaders like U.S. President Joe Biden and Chinese President Xi Jinping at COP28 raises concerns about the future commitments of the world’s largest emitters.

Alternatives and Sector-Specific Agreements
Experts suggest that more meaningful climate action may occur through smaller, sector-specific agreements and initiatives:

Global Methane Pledge: Announced at COP26 by the United States and the EU, this initiative aims to cut methane emissions by 30% from 2020 levels by 2030.
Sector-Specific Targets: Agreements like the International Civil Aviation Organization’s goal of net-zero emissions for commercial aviation by 2050 highlight the potential for targeted approaches.
Local and Corporate Initiatives: Cities and corporations worldwide are making independent pledges to reduce emissions, though there are concerns about oversight and transparency.
Conclusion
The Paris Agreement represents a crucial step in the global effort to mitigate climate change, building on earlier agreements like the Kyoto Protocol and the UNFCCC. While significant progress has been made, particularly in setting ambitious national targets, much work remains to be done to ensure these commitments translate into effective action. The emergence of sector-specific agreements and local initiatives offers additional avenues for progress, but comprehensive and enforceable policies at the governmental level remain essential to achieving the goals of the Paris Agreement and averting the worst impacts of climate change.
The Paris Agreement, along with other international accords, aims to mitigate the adverse effects of climate change through a collaborative global effort. Key objectives include:

Limiting Temperature Rise: The Agreement seeks to limit global temperature increase to well below 2°C above pre-industrial levels, with efforts to limit the increase to 1.5°C, thereby significantly reducing climate change risks and impacts .

Nationally Determined Contributions (NDCs): Each Party is required to communicate and undertake ambitious efforts, known as NDCs, to contribute to the global response to climate change. These contributions are expected to evolve over time, reflecting the principle of equity and the differing capabilities of nations .

Adaptation and Resilience: The Agreement establishes a global goal for enhancing adaptive capacity and resilience to climate change, particularly for developing countries that are especially vulnerable. This includes addressing local and national challenges while contributing to sustainable development .

Loss and Damage: It recognizes the importance of addressing loss and damage associated with climate change impacts, including extreme weather events, and emphasizes the role of sustainable development in minimizing these risks .

Support for Developing Countries: The Agreement acknowledges the specific needs of developing countries, particularly in terms of funding and technology transfer, to ensure effective implementation and support for their climate actions .

Overall, the Paris Agreement represents a comprehensive framework for global cooperation to combat climate change, emphasizing the need for equity, resilience, and sustainable development in the face of this pressing challenge.  这里是我找到关于paris accord的资料老师让我加在我的第一段的introduction里面1. INTRODUCTION
Climate change affects us all, and its potential impact is enormous. Predictions indicate severe consequences including clean water shortages, significant changes in food production conditions, and increased mortality rates due to floods, storms, droughts, and heat waves (IPCC, 2021). Almost all industries are threatened by the effects of climate change, either directly or indirectly. For instance, Martinich and Crimmins (2019) estimate that the U.S. could lose USD 520 billion across 22 sectors due to global temperature rise.就是加在这里 回答这个问题‘WRITE SOMETHING ABOUT THE PARIS ACCORD AND OTHERS SET TO MITIGATE THE ADVERSE EFFECTS OF CLIMATE CHANGE’ 请你根据我现有的introduction内容加进去？
Companies play a critical role in responding to climate change. They are not only one of the primary sources of greenhouse gas emissions but also pivotal in mitigating climate change impacts through innovation and policy implementation. Many companies are investing in renewable energy, implementing energy-saving measures, and engaging in carbon trading to reduce their carbon footprints.
Climate change-related risks can be classified into three types: physical, transitional, and liability risks (Zurich, 2021). Physical risks include immediate threats such as flooding, hurricanes, droughts, and wildfires that cause physical damage to people, property, and transport links. Transitional risks arise from the potential costs associated with implementing policies, laws, and regulations designed to address climate change. Liability risks involve failures to mitigate, adapt to, disclose, or comply with changing legal and regulatory expectations.
These risks create substantial financial hazards as they impact borrowers’ cash flows and capital, thereby affecting the financial health and solvency of companies. Physical risks are particularly menacing as some regions are more exposed to climate-induced extreme weather events, making them more vulnerable.WRITE SOMETHING ABOUT PREVIOUS LITERATURE ON PHYSICAL RISK AND ITS EFFECTS, AND THEN, INDICATE THE EXISTING GAP TO FILL IN. A brief summary of section 2 and the gap to fill in.
As mentioned, there is no previous research on the relationship of corporate physical risk and default risk. Therefore, our paper aims to study said relationship. Thus, the study should firstly delve deeper into the relationship between different levels of physical climate risk and corporate default risk over time. Investigating how varying degrees of physical risk influence default probabilities across multiple time horizons will provide a more nuanced understanding of the temporal dynamics involved. Secondly, while this study focuses predominantly on physical risks, future research could expand the scope to include transition risks. Exploring how economic and policy-driven shifts towards a low-carbon economy impact default risk can offer comprehensive insights into the multifaceted nature of climate risks. Thirdly, there should be an emphasis on the long-term effectiveness of environmental policies in mitigating climate risks. By further examining firms that have implemented robust environmental strategies, researchers can identify best practices and provide invaluable guidance for reducing climate-related financial risks. This will aid firms and policymakers in designing and implementing more effective sustainability measures. Lastly, investigating the interplay between emissions data and default risk can shed light on how firm-level environmental performance influences financial stability. Understanding this relationship can help determine the extent to which proactive environmental practices can serve as a buffer against the adverse effects of climate risks.

WRITE THE MAIN OBJECTIVE OF THE PAPER, AND  A SUMMARY OF THE  MAIN RESULTS (WHEN DONE) OF IT.
The paper is organized into several sections. First, a comprehensive literature review synthesizes existing research on climate risk exposure, credit risk, and default risk. This is followed by the development of hypotheses based on identified gaps in the literature. The methodology section then describes the data collection and analytical techniques employed in this study. Subsequently, the empirical results are presented and discussed. Finally, the paper concludes with the implications of this research and provides suggestions for future studies.