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.  The aim of the agreement is to reduce Article 2 global warming and improve the implementation of the UNFCCC by the following form: It will also allow the parties to gradually strengthen their contribution to the fight against climate change in order to achieve the long-term objectives of the agreement. On October 5, 2016, when the agreement reached enough signatures to cross the threshold, U.S. President Barack Obama said, “Even if we achieve all the goals… we will only get to part of where we need to go. He also said that “this agreement will help delay or avoid some of the worst consequences of climate change.” It will help other nations reduce their emissions over time and set bolder goals as technology progresses, all under a strong transparency system that will allow each nation to assess the progress of all other nations.   In response to the climate challenge, the agreement recognizes that states have common but differentiated responsibilities, i.e. according to national capacities and situations. Funding is essential to support emerging economies and support the transition to carbon-free economies. The agreement provides that from 2020, $100 billion in public and private funds will have to be mobilized each year to finance projects that allow countries to adapt to the effects of climate change (sea level rise, droughts, etc.) or to reduce greenhouse gas emissions. These funds should be gradually increased and some developing countries will also be able to become donors on a voluntary basis to help the poorest countries. 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.