Change in climate as a result of emissions of greenhouse gas, by its basic nature, can be identified as a global problem. Binding targets and a common strategy therefore have to be defined all across the planet. This has been set as the key objective of international conferences of climate change held in Copenhagen, Rio and Paris. The key solutions identified in these conferences have to be involved under local implementation. In the year 2005, a scheme of emissions trading had been set up by the European Union. Then in the year 2008, the European Union had been successful in adopting a number of legislative measures such as the Climate and Energy Package setting three key targets for the year 2020:
Reduction in emissions of greenhouse gases by 20 per cent
Increment in the portion of renewable sources of energy in the mix of energy to 20 per cent
Improvement in efficiency of energy by 20 per cent
It is worth noting that the solutions identified in Copenhagen conference were disagreed by the emerging economy and developed nations such as Brazil, India and China. The key reason behind this is their belief that measures for the reduction of greenhouse emission should not end up impeding the development of their economy. For these nations, the world of industrialization is the key factor that has caused significant damage, and therefore, consider providing assistance in finance to the less- developed economic backgrounds (Huda 2016). In playing their own role, the nations with most industrialization have ended up reacting to the crisis of economy by shifting away their priorities from subsidies and incentives designed for combating climate change. In the year 2010, at the UN Conference of climate change in Cancun, the parties made an agreement for establishing the Fund of Green Climate, endowing 100 billion dollars every year from the year 2020, for providing assistance to the developing nations in combatting deforestation and climate change (Intergovernmental Panel on Climate Change, 2015). However, NGOs have been expressing their extreme dissatisfaction with the ways in which there is a financing of these funds.