How each country is on track to meet its obligations under the Paris Agreement can be constantly monitored online (via the Climate Action Tracker  and the climate clock). The Paris Agreement was an agreement under the United Nations Framework Convention on Climate Change (UNFCCC), which deals with reducing greenhouse gas emissions. While the enhanced transparency framework is universal and the global inventory is carried out every five years, the framework must provide “integrated flexibility” to distinguish the capabilities of developed and developing countries. In this context, the Paris Agreement contains provisions to improve the capacity-building framework.  The agreement recognizes the different circumstances of some countries and notes, in particular, that the technical review of experts for each country takes into account the specific capacity of that country to report.  The agreement also develops a capacity-building initiative for transparency to help developing countries put in place the necessary institutions and procedures to comply with the transparency framework.  In its fundamental objective, the MDS will be broadly similar to the Clean Development Mechanism, which will contribute to the reduction of global greenhouse gas emissions and support sustainable development through dual emissions.  Although the structure and processes that govern MDS are not yet defined, some similarities and differences with the own development mechanism are already noticeable. In particular, unlike the clean development mechanism, the MDS will be available to all parties, unlike only parts of Schedule 1, which will make it much broader.  Rajamani L (2015) Negotiation of the 2015 climate agreement: questions of legal form and nature.
Research paper 28. Mitigation Action Plans – Scenarios, Cape Town, South Africa, p. 26 Climate change is a clear and present danger that will affect the planet and its people for years to come. In recent years, there have been numerous conferences, agreements and protocols aimed at mitigating the dangerous effects of climate change. While countries are formally equal in UN climate negotiations, their contribution to greenhouse gas emissions, development needs and vulnerability to climate change vary widely. These differences were corrected by the recognition of the “common but differentiated responsibilities and respective capabilities” (CBDR-RC) of the countries of the United Nations Framework Convention on Climate Change (UNFCCC). Indeed, research shows that the cost of climate activity far outweighs the cost of reducing carbon pollution. A recent study suggests that if the United States does not meet its climate targets in Paris, it could cost the economy up to $6 trillion in the coming decades. A lack of compliance with the NPNs currently foreseen in the agreement could reduce global GDP by more than 25% by the end of the century. Meanwhile, another study estimates that achieving – or even exceeding – the Paris targets by investing in infrastructure in clean energy and energy efficiency could have great benefits globally – about $19 trillion. The Paris Agreement is the world`s first comprehensive climate agreement.  The differences between the Kyoto Protocol and the Paris Agreement are striking and raise the question of the future of the three flexible Kyoto mechanisms.
Will they be taken over by the new mechanism or will they be abandoned as soon as the Paris Agreement comes into force? A number of considerations indicate that the CDM will remain in the middle of the new market mechanism. First, the considerable investment invested in the development of the processes, standards, systems and capabilities of the Kyoto Protocol mechanisms provides valuable experience that guides the design of the new mechanism, including how to strike the right balance between promoting private player participation, environmental integrity, additionality and sustainable development.