Recognizing that many developing countries and small island developing states that have contributed the least to climate change are most likely to suffer the consequences, the Paris Agreement contains a plan for developed countries – and others that are able to do so – to continue to provide financial resources to help developing countries reduce and increase their capacity to withstand climate change. The agreement builds on the financial commitments of the 2009 Copenhagen Accord, which aimed to increase public and private climate finance to developing countries to $100 billion per year by 2020. (To put it in perspective, in 2017 alone, global military spending amounted to about $1.7 trillion, more than a third of which came from the United States. The Copenhagen Pact also created the Green Climate Fund to mobilize transformation funding with targeted public dollars. The Paris agreement expected the world to set a higher annual target by 2025 to build on the $100 billion target by 2020 and create mechanisms to achieve this. Implementation of the agreement by all Member States will be evaluated every five years, with the first evaluation in 2023. The result will be used as an input for new national contributions from Member States.  The inventory will not be national contributions/achievements, but a collective analysis of what has been achieved and what remains to be done. In 1992, President George H.W. Bush joined 107 other heads of state at the Rio Earth Summit in Brazil to adopt a series of environmental agreements, including the UNFCCC framework, which is still in force today. The international treaty aims to prevent dangerous human intervention in the planet`s climate systems in the long term.
The pact does not set limits on greenhouse gas emissions from individual countries and does not contain enforcement mechanisms, but establishes a framework for international negotiations on future agreements or protocols to set binding emissions targets. Participating countries meet annually at a Conference of the Parties (COP) to assess their progress and continue discussions on how best to combat climate change. InDCs become CNDs – nationally determined contributions – as soon as a country formally adheres to the agreement. There are no specific requirements as to how or how many countries should reduce emissions, but there were political expectations about the nature and rigour of the targets set by different countries. As a result, the scale and ambition of national plans vary widely, largely reflecting each country`s capacity, level of development and contribution to emissions over time. China, for example, has committed to cleaning up its CO2 emissions by 2030 at the latest and reducing CO2 emissions per unit of gross domestic product (GDP) by 60-65% by 2030 from 2005 levels.