As of July 2020, 45 governments (including nine developing countries), $24.3 million were pledged to the CCG by three regional governments and $1.3 million by a $10.3 billion municipal government. At the CCC`s first replenishment pledge conference in October 2019, 27 countries pledged a total of $9.78 billion over the next four years and further commitments have been made since then. Nearly half of these countries have doubled or more than doubled their commitments. The Austrian government`s commitment of 100 euros in September 2020 has enabled the GCF to reach the $10 billion mark. Hare notes that the world`s poorest nations cannot make deep emission reductions without the long-promised funding and technical support of the world`s rich nations. Watson agrees that developed countries have largely caused the climate problem and must support less developed countries. “We need everyone on board to solve this problem,” he says. 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 needed to keep the global average temperature increase to less than 2 degrees Celsius, reducing emissions to 40 gigatonnes or 1.5 degrees Celsius.”  [Clarification required] The Paris Agreement is an agreement under the United Nations Framework Convention on Climate Change (UNFCCC) that addresses the reduction of the United Nations , adaptation and financing of greenhouse gas emissions, which was signed in 2016. The language of the agreement was negotiated by representatives of 196 States Parties at the 21st UNFCCC Conference of parties held at Le Bourget, near Paris, France, and agreed on 12 December 2015.
  Since February 2020, all 196 UNFCCC members have signed the agreement and 189 have left.  Of the seven countries that are not parties to the law, Iran and Turkey are the only major emitters. Only two countries have refused to participate in the Paris Agreement, the landmark climate agreement on reducing greenhouse gas emissions signed by almost all nations. One of them, Syria, is in ruins after six years of civil war. The other, Nicaragua, boycotted the agreement in protest at its initial unambitious targets and its inability to blame countries for their emissions targets. This pathway may trigger natural feedbacks such as massive thawing of permafrost or generalized defensive, which could lead to further uncontrollable warming. This is what scientists call the Hothouse Earth scenario, where sea levels rise from 10 to 60 meters and much of the planet is uninhabitable. Many countries have stated in their INDCs that they intend to use some form of international emissions trading scheme to implement their contributions.
In order to ensure the environmental integrity of these transactions, the agreement requires the parties to respect accounting practices and to avoid double counting of “mitigation results transferred internationally.” In addition, the agreement will create a new mechanism that would help contain and support sustainable development and could produce or certify negotiable emission units according to its design.