The forward rate agreement, abbreviated FRA, is one of the most widely used financial instruments in the world of finance. It is concluded between two counterparties, over-the-counter. The agreement stated that it would only enter into force (and therefore fully effective) if 55 countries that produce at least 55% of global greenhouse gas emissions (according to a list drawn up in 2015)  ratify, accept, approve or adhere to the agreement.   On April 1, 2016, the United States and China, which together account for nearly 40% of global emissions, issued a joint statement confirming that the two countries would sign the Paris climate agreement.  175 contracting parties (174 states and the European Union) signed the agreement on the first day of its signing.   On the same day, more than 20 countries announced plans to join the accession as soon as possible in 2016. The ratification by the European Union has achieved a sufficient number of contracting parties to enter into force on 4 November 2016. At the 2011 UN Climate Change Conference, the Durban Platform (and the ad hoc working group on the Durban Platform for Enhanced Action) were created to negotiate a legal instrument to mitigate climate change from 2020. The resulting agreement is expected to be adopted in 2015.  The Paris Agreement was launched at the signing on April 22, 2016 (Earth Day) at a ceremony in New York.  After the agreement was ratified by several EU member states in October 2016, there were enough countries that had ratified the agreement to produce enough greenhouse gases in the world for the agreement to enter into force.
 The agreement came into force on November 4, 2016.  On October 5, 2016, when the agreement reached enough signatures to cross the threshold, U.S. President Barack Obama said, “Even if we achieve all the goals… we will only get to part of where we need to go. He also said that “this agreement will help delay or avoid some of the worst consequences of climate change.” It will help other nations reduce their emissions over time and set bolder goals as technology progresses, all under a strong transparency system that will allow each nation to assess the progress of all other nations.   Although the United States and Turkey are not parties to the agreement, as countries have not indicated their intention to withdraw from the 1992 UNFCCC, they will continue, as a UNFCCC Schedule 1 country, to prepare national communications and an annual inventory of greenhouse gases.  In the end, all parties recognized the need to “prevent, minimize and address losses and damages,” but in particular any mention of compensation or liability is excluded.  The Convention also takes up the Warsaw International Loss and Damage Mechanism, an institution that will attempt to answer questions about how to classify, address and co-responsible losses.  An FRA or Forward rate agreement is a financial instrument practiced on the money market. This is a futures contract or derivative that is of interest to the investor to ensure the future interest rate. The FRA is negotiated between two over-the-counter counterparties in the Over the Counter (OTC) market. The level of the NDC set by each country will determine the objectives of that country. However, the “contributions” themselves are not binding under international law because of the lack of specificity, normative nature or language necessary to establish binding standards.
 In addition, there will be no mechanism to compel a country to set a target in its NDC on a specified date and not for an application if a defined target is not achieved in an NDC.   There will be only one “Name and Shame” system or as “I`m Our Pesztor,” the United States.