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OK, so from what I have read about all of this, a summary of my understanding...
This agreement has emission goals, that are set by each country, but you don't actually have to keep them. There is a financial commitment that the US will significantly fund, plus each participating country will contribute. IF each country keeps the goals they set, it is still debatable on how this will affect the temperature increase rate (I saw debatable because I have seen the numbers vary), but will definitely slow the rate.
Can anyone verify if my summary is on the right track? I don't want opinions just if this is close to the facts.
Pretty much.
I'd add that for this kind of agreement to be law of the land, it has to be voted on by the Senate and pass with a 2/3 vote (see Article II, Section 2 of the constitution). The Kyoto Treaty was voted on by the Senate and failed 97-0.