About
The primary goal is to hold the increase in the global average temperature to well below 2°C above pre-industrial levels, and preferably below 1.5°C. The long-term goal is climate neutrality by 2100.
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.
COP 29 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. In connection with the Main Decision, a number of countries sought to include provisions regarding 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. Nevertheless, as COP President, Brazil will launch a roadmap outside the formal process. COP31 will take place in Antalya, Turkey, from 9 November to 20 November 2026, and Australia will lead the negotiations. COP31 will take place in Antalya, Turkey, from 9 November to 20 November 2026, and Australia will lead 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-May 2026, over 100 bilateral agreements have been formalized.
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 generate tradable credits known as Article 6.4 Emission Reductions ("A6.4ERs"). 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. 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.p
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 February 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 does not impose obligations on anyone other than its participant states, these states will have to undertake measures to reduce the emission of greenhouse gases.
Consequently, the Paris Agreement may have the indirect effect that these states impose stricter obligations, requirements, sanctions etc. related to the emission of greenhouse gases, which may affect businesses and other actors within their jurisdiction. It might therefore be advantageous to undertake climate-friendly measures and to be a low emission business.
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 has completed its first reporting under the Paris Agreement. Now, in accordance with the agreement, Norway has reported to the UN on, among other things, the progress of our national climate goals. Additionally, there have been reported on other matters such as climate adaptation and support for developing countries.