 carbon markets carbon markets admin mon 8282017 1756 page presentation carbon markets in december 2015 world leaders adopted the paris agreement under the unfccc  the paris agreement entered into force on 4 november 2016 representing the firstever universal legally binding global climate deal with the ambition to limit global warming to well below 2 c in contrast to the kyoto protocol which commits only developed countries to specific reduction targets the paris agreement builds upon a new approach to international climate policy by allowing countries to set their own level of ambition through emission reduction targets or climate actions reflected in their nationally determined contributions ndcs in a common objective to strengthen the global response to the threat of climate change  article 6  represents a key feature of the paris agreement to foster a global response to the challenge of climate change allowing countries to cooperate with other countries on a fully voluntary basis to implement their climate action and increase their ambition in both mitigation and adaptation actions  