Indeed, research shows that the cost of climate activity far outweighs the cost of reducing carbon pollution. A recent study suggests that if the United States does not meet its climate targets in Paris, it could cost the economy up to $6 trillion in the coming decades. A lack of compliance with the NPNs currently foreseen in the agreement could reduce global GDP by more than 25% by the end of the century. Meanwhile, another study estimates that achieving – or even exceeding – the Paris targets by investing in infrastructure in clean energy and energy efficiency could have great benefits globally – about $19 trillion. 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. India has set a target of reducing emissions intensity by 33-35% from 2005 levels by 2030 and producing 40% of its electricity from non-fossil fuels. Many countries have stated in their INDCs that they intend to use some form of international emissions trading scheme to implement their contributions.
In order to ensure the environmental integrity of these transactions, the agreement requires the parties to respect accounting practices and to avoid double counting of “mitigation results transferred internationally.” In addition, the agreement will create a new mechanism that would help contain and support sustainable development and could produce or certify negotiable emission units according to its design. Currently, 197 countries – every nation on earth, the last signatory is war-torn Syria – have adopted the Paris Agreement. 179 of them have consolidated their climate proposals with official approval, including, for the time being, the United States. The only major emitters that have yet to formally accede to the agreement are Russia, Turkey and Iran. The Paris Agreement was signed at UN headquarters in New York from April 22, 2016 to April 21, 2017 by states and regional economic integration organizations that are parties to the UNFCCC (convention).  The implementation of the agreement by all the Member States combined 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.
While the enhanced transparency framework is universal and the global inventory is carried out every five years, the framework must provide “integrated flexibility” to distinguish the capabilities of developed and developing countries. In this context, the Paris Agreement contains provisions to improve the capacity-building framework.  The agreement recognizes the different circumstances of some countries and notes, in particular, that the technical review of experts for each country takes into account the specific capacity of that country to report.  The agreement also develops a capacity-building initiative for transparency to help developing countries put in place the necessary institutions and procedures to comply with the transparency framework.  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