o A compliance system.

♤ Market based mechanisms are: International Emission trading, Clean Development Mechanism, Joint implementation. These created what is now known as the “carbon market.”

♤ In Doha, Qatar, on 8 December 2012, the Doha Amendment to the Kyoto Protocol was adopted. This launched a second commitment period, starting on 1 January 2013 until 2020.

2.6.2. COP21

♤ CoP21 was held in Paris from 30 November to 12 December 2015.

♤ The Paris Climate Agreement is a pact within the UN Framework Convention on Climate Change (UNFCCC) dealing with greenhouse gas emissions mitigation, adaptation and finance starting in the year 2020.

♤ According to the agreement, each country determines, plans and regularly reports its own contribution it should make in order to mitigate global warming.

♤ The Paris Agreement entered into force on 4 November 2016, thirty days after the date on which at least 55 Parties to the Convention accounting in total for at least an estimated 55

% of the total global greenhouse gas emissions deposited their instruments of ratification, acceptance, approval or accession with the Depositary.