The Paris Agreement provides a sustainable framework that guides global efforts for decades to come. The aim is to increase countries` climate ambitions over time. To achieve this, the agreement provides for two review processes, each in a five-year cycle. The agreement recognizes the role of non-partisan stakeholders in the fight against climate change, including cities, other sub-national authorities, civil society, the private sector and others. The agreement stated that it would only enter into force (and therefore fully effective) if 55 countries that produce at least 55% of global greenhouse gas emissions (according to a list drawn up in 2015)  ratify, accept, approve or adhere to the agreement.   On April 1, 2016, the United States and China, which together account for nearly 40% of global emissions, issued a joint statement confirming that the two countries would sign the Paris climate agreement.  175 contracting parties (174 states and the European Union) signed the agreement on the first day of its signing.   On the same day, more than 20 countries announced plans to join the accession as soon as possible in 2016. The ratification by the European Union has achieved a sufficient number of contracting parties to enter into force on 4 November 2016. The agreement commits all countries to reduce their emissions and cooperate to adapt to the effects of climate change and calls on countries to strengthen their commitments over time. The agreement provides developed countries with a means to assist developing countries in their mitigation and adaptation efforts, while establishing a framework for monitoring and reporting transparently on developing countries` climate goals. 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. In the end, all parties recognized the need to "prevent, minimize and address losses and damages," but in particular any mention of compensation or liability is excluded.  The Convention also takes up the Warsaw International Loss and Damage Mechanism, an institution that will attempt to answer questions about how to classify, address and co-responsible losses.  Although the enhanced transparency framework is universal, the framework, coupled with the global inventory that takes place every five years, aims to provide "integrated flexibility" to distinguish the capabilities of developed and developing countries.