About
The primary goal is to hold the increase in the global average temperature to well below 2°C above pre-industrial levels, and to pursue efforts to limit it to 1.5°C. Under Article 4.1, Parties aim to reach global peaking of greenhouse gas emissions as soon as possible and undertake rapid reductions thereafter, in accordance with the best available science, so as to achieve a balance between anthropogenic emissions by sources and removals by sinks of greenhouse gases in the second half of this century. To achieve this, countries are required to set goals for their climate efforts every five years, increasing their level of ambition over time, and report regularly on their emissions and on their implementation efforts. This is also known as the parties' National Determined Contributions ('NDCs'). The state parties reported their NDCs for the first time in 2020, and will have to report their NDCs every five year thereafter to the UNFCCC secretariat.
The 2022 United Nations Climate Change Conference, more commonly referred to as COP27, was held in Sharm el-Sheikh, Egypt, from 6 to 20 November 2022. COP27 recommitted to the goals set by the Paris Agreement. However, the COP27 summit has been criticised for yielding insufficient progress in terms of actual measures to reduce greenhouse gas emissions.
COP29 was held in Baku from 11-22 November 2024. COP29 had a central focus on climate finance and reached an agreement that will triple finance to developing countries, from the previous goal of USD 100 billion annually, to USD 300 billion annually by 2035. It also secure efforts of all actors to work together to scale up finance to developing countries, from public and private sources, to the amount of USD 1.3 trillion per year by 2035.
COP30 was held in Belém, Brazil from 10-21 November 2025. Its Main Decision did not include a roadmap for the “transition away from fossil energy,” as a follow-up to the decision from COP28 in Dubai in 2023. Fossil energy is not mentioned in the Main Decision, nor is a roadmap for transition. The COP30 Presidency indicated that Brazil would pursue such a roadmap outside the formal negotiation process. COP31 will take place in Antalya, Turkey, from 9-20 November 2026, with Australia leading the negotiations.
Article 6 of the Paris Agreement
Article 6 of the Paris Agreement recognises that Parties may choose to pursue voluntary cooperation in implementing their NDCs to allow for higher ambition in mitigation and adaptation activities, and to promote sustainable development and environmental integrity. Article 6 establishes three tools:
- cooperative approaches involving the use of Internationally Transferred Mitigation Outcomes (Article 6.2),
- a centralised crediting mechanism (Article 6.4), and
- non-market approaches (Article 6.8).
Unlike Articles 6.2 and 6.4, Article 6.8 does not involve the transfer of mitigation outcomes or carbon credit trading. Instead, it provides a framework for voluntary cooperation through alternative means, including capacity-building, technology development and transfer, and financial support.
Article 6.2 – Cooperative Approaches and ITMOs
Article 6.2 enables countries to cooperate bilaterally by transferring mitigation outcomes between them through so-called Internationally Transferred Mitigation Outcomes ("ITMOs"). Under this framework, a host country may generate verified emission reductions and transfer them as ITMOs to a buyer country, which can use them towards the achievement of its own NDC. To prevent double counting, both parties must apply "corresponding adjustments" to their respective emissions balances. The mechanism is decentralised and country-led: participating Parties rely on their own national administrative frameworks and bilateral agreements to facilitate trading, while the UNFCCC provides guidance on transparency, accounting practices and environmental integrity. As of mid-June 2026, over 100 bilateral arrangements have been formalized. These include Memoranda of Understanding (MoU), Bilateral Agreements and declarations of intent.
Article 6.4 – The Paris Agreement Crediting Mechanism (PACM)
Article 6.4 establishes a centralised, UN-supervised carbon crediting mechanism governed by a 12-member Supervisory Body appointed by the CMA. The mechanism allows countries and private actors to implement emission reduction or removal activities that may generate tradable credits known as Article 6.4 Emission Reductions ("A6.4ERs"), subject to host-Party approval, applicable methodologies and the mechanism's rules. These credits can be used by countries towards their NDCs or by other buyers in voluntary carbon markets. The PACM builds upon and replaces the Clean Development Mechanism (CDM) established under the Kyoto Protocol, with stricter methodological standards for additionality, baseline-setting and permanence. During June 2026, the Supervisory Body continued operationalizing the mechanism: on 30 July it adopted a methodology for grid-connected renewable electricity and updated registry procedures. Further work on authorizations and related methodologies remained ongoing ahead of the Body’s October meeting and COP31. To promote overall mitigation in global emissions, a mandatory 2 % of issued credits are cancelled (not sold), and 5 % of proceeds are transferred to the UN Adaptation Fund to support climate-vulnerable developing countries.
Who does it impact?
- State parties that have ratified the Paris Agreement
- Other businesses and actors indirectly affected by legislation, regulations or requirements set out by the state parties
Status: In force
The Paris Agreement entered into force on 4 November 2016.
Relation to other initiatives and regulations
The Paris Agreement builds upon the United Nations Framework Convention on Climate Change (the UNFCCC), and is initiated by the parties to this convention.
Participants
- As of September 2026, there are 194 parties to the agreement, including the EU (three signatories have not yet ratified the agreement). This means that the Paris Agreement has been ratified by almost all the states of the world.
- The United States, by the order of President Trump, has withdrawn from the Paris Agreement which took effect on 27 January 2026. By withdrawing, the United States has join Iran, Libya and Yemen as the only four countries not party to the agreement.
Thommessen's comments
Although the Paris Agreement's obligations are addressed to the Parties, not directly to businesses or other private actors, Parties shall pursue domestic mitigation measures with the aim of achieving their Nationally Determined Contributions (NDC) objectives.
Consequently, national laws, regulations and requirements adopted to implement NDCs may indirectly affect businesses and other actors within a Party's jurisdiction, including through stricter emissions obligations, permitting requirements or sanctions. Climate-friendly measures and low-emission business model may therefore reduce regulatory and transition risks. There are also several other regulations and business initiatives aiming to achieve the goals of the Paris Agreement, which indirectly may affect businesses within a wide range of industries.
Norway submitted its first Biennial Transparency Report (BTR1) under the Paris Agreement 17 December 2024 and resubmitted it in February 2025. The report covers, among other matters, progress towards Norway's 2030 climate target, climate adaption and support for developing countries. Norway submitted its 2035 NDC to the UNFCCC on 26 June 2025 committing to reduce greenhouse gas emission by at least 70-75 per cent compared with 1990 levels. Norway intends to pursue the target through domestic measures and its climate cooperation with the EU. Separately, the NDC leaves open the possibility of using ITMOs under Article 6 of the Paris Agreement form outside the EEA if necessary, subject to the applicable Article 6 requirements and corresponding adjustments.