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The primary international treaty that guides global climate governance is the United Nations Framework Convention on Climate Change (UNFCCC), agreed at the Rio Earth Summit in 1992. The UNFCCC entered into force in 1994 and has been ratified by 195 countries, known as Parties to the UNFCCC. Since it came into force, there have been annual Conferences of the Parties (COPs) each year, starting in 1995. The UNFCCC contains no binding emission reduction targets, so negotiations were launched in 1995 to strengthen commitments under the UNFCC. In 1997, at the Third Conference of the Parties (COP-3), the Parties adopted the Kyoto Protocol (KP), which set binding emission reduction targets for industrialised countries. These targets applied to average annual emissions during what is known as the First Commitment Period, between 2008 and 2012. As the First Commitment Period under the KP ends …