The Kyoto Protocol, a pioneering environmental treaty adopted at COP3 in Japan in 1997, is the first time nations have agreed on country-by-country emission reduction targets. The protocol, which only came into force in 2005, set binding emission reduction targets only for industrialized countries, based on the fact that they are responsible for most of the world`s high greenhouse gas emissions. The United States first signed the agreement, but never ratified it; President George W. Bush argued that the agreement would hurt the U.S. economy because developing countries such as China and India would not be included. In the absence of the participation of these three countries, the effectiveness of the treaty was limited, as its objectives covered only a small fraction of total global emissions. Specific results of increased attention to adjustment financing in Paris include the announcement by the G7 countries of $420 million for climate risk insurance and the launch of a Climate Risk and Early Warning Systems (CREWS) initiative.  In 2016, the Obama administration awarded a $500 million grant to the “Green Climate Fund” as “the first part of a $3 billion commitment made at the Paris climate talks.”    To date, the Green Climate Fund has received more than $10 billion in commitments. The commitments come mainly from developed countries such as France, the United States and Japan, but also from developing countries such as Mexico, Indonesia and Vietnam.  The Paris Agreement provides a sustainable framework that determines global efforts for decades to come. The aim is to create a continuous cycle that prevents countries from increasing their ambitions over time. In order to encourage increased ambitions, the agreement defines two interconnected processes, each with a five-year cycle.
The first is a “comprehensive state of affairs” to assess the collective progress made in achieving the long-term goals of the agreement. The parties will then submit new NDCs “informed of the results of the global inventory.” Negotiators of the agreement stated that the INDCs presented at the time of the Paris conference were insufficient and found that “the estimates of aggregate greenhouse gas emissions in 2025 and 2030 resulting from the planned contributions at the national level are not covered by the least expensive scenarios of 2oC, but lead to a projected level of 55 gigatons in 2030.” and acknowledges that “much greater efforts to reduce emissions will be required to keep the increase in the global average temperature below 2 degrees Celsius, by reducing emissions to 40 gigatonnes or 1.5 degrees Celsius.”  [Clarification needed] The level of the NDC set by each country will determine the country`s targets. However, the “contributions” themselves are not binding under international law because of the lack of specificity, normative nature or language necessary to establish binding standards.  In addition, there will be no mechanism to compel a country to set a target in its NDC on a specified date and not for an application if a defined target is not achieved in an NDC.   There will be only one “Name and Shame” system or as “I`m Our Pesztor,” the United States.