The Paris Agreement reaffirms the obligations of industrialized countries to the UNFCCC; the COP`s decision attached to the agreement extends the target of $100 billion per year until 2025 and calls for a new target that, in addition, “extends over $100 billion a year.” The agreement also broadens the donor base beyond developed countries by encouraging other countries to provide “voluntary” support. China, for example, pledged $3 billion in 2015 to help other developing countries. Todd Stern, a former U.S. negotiator, said in June: “This structure recognizes that standards and expectations can often be more effective in promoting robust measures than legally binding requirements that, paradoxically, can lead to weaker measures, with some countries keeping their targets low for fear of legal liability. These rules of transparency and accountability are similar to those set out in other international agreements. Although the system does not include financial sanctions, the requirements are intended to easily monitor the progress of individual nations and promote a sense of overall group pressure, discouraging any towing of feet among countries that might consider it. Unlike the Kyoto Protocol, which set legally binding emission reduction targets (as well as penalties for non-compliance) only for industrialized countries, the Paris Agreement requires all countries – rich, poor, developed and developing – to take their share and reduce their greenhouse gas emissions. To this end, the Paris Agreement provides for greater flexibility: commitments that countries should make are not included, countries can voluntarily set their emissions targets and countries will not be penalized if they do not meet their proposed targets. But what the Paris agreement requires is to monitor, report and reassess, over time, the objectives of individual and collective countries, in order to bring the world closer to the broader objectives of the agreement. And the agreement stipulates that countries must announce their next round of targets every five years, contrary to the Kyoto Protocol, which was aimed at this target but which contained no specific requirements to achieve this goal. While formal adherence to the agreement is simple, the biggest challenge for a Biden administration would be to present a new U.S.
NDC, widely seen as ambitious and credible. The EU and its member states are individually responsible for ratifying the Paris Agreement. There was a strong preference for the EU and its 28 Member States to simultaneously table their ratification instruments to ensure that neither the EU nor its Member States commit to commitments that belong exclusively to the other and there was concern that there was a disagreement on each Member State`s share of the EU-wide reduction target. just as Britain`s vote to leave the EU could delay the Paris pact.  However, on 4 October 2016, the European Parliament approved the ratification of the Paris Agreement and the EU tabled its ratification instruments on 5 October 2016 with several EU Member States.  Negotiations on the Paris regulatory framework at COP 24 proved to some extent to be more difficult than those that led to the Paris Agreement, as the parties faced a set of technical and political challenges and, in some respects, applied more to the development of the general provisions of the agreement through detailed guidelines.