Recognizing that many developing countries and small island developing states that have contributed the least to climate change are most likely to suffer the consequences, the Paris Agreement contains a plan for developed countries – and others that are able to do so – to continue to provide financial resources to help developing countries reduce and increase their capacity to withstand climate change. The agreement builds on the financial commitments of the 2009 Copenhagen Accord, which aimed to increase public and private climate finance to developing countries to $100 billion per year by 2020. (To put it in perspective, in 2017 alone, global military spending amounted to about $1.7 trillion, more than a third of which came from the United States. The Copenhagen Pact also created the Green Climate Fund to mobilize transformation funding with targeted public dollars. The Paris agreement expected the world to set a higher annual target by 2025 to build on the $100 billion target by 2020 and create mechanisms to achieve this. The EU and its member states are among the nearly 190 parties to the Paris Agreement. The EU formally ratified the agreement on 5 October 2016, allowing it to enter into force on 4 November 2016. In order for the agreement to enter into force, at least 55 countries representing at least 55% of global emissions had to file their ratification instruments. Unlike the Kyoto Protocol, which set legally binding emission reduction targets (as well as penalties for non-compliance) only for industrialized countries, the Paris Agreement requires all countries – rich, poor, developed and developing – to take their share and reduce their greenhouse gas emissions. To this end, the Paris Agreement provides for greater flexibility: commitments that countries should make are not included, countries can voluntarily set their emissions targets and countries will not be penalized if they do not meet their proposed targets. But what the Paris agreement requires is to monitor, report and reassess, over time, the objectives of individual and collective countries, in order to bring the world closer to the broader objectives of the agreement. And the agreement stipulates that countries must announce their next round of targets every five years, contrary to the Kyoto Protocol, which was aimed at this target but which contained no specific requirements to achieve this goal.