Both the EU and its Member States are individually responsible for ratifying the Paris Agreement. To this end, greater flexibility is built into the Paris Agreement: it does not include language on the commitments that countries should make, countries can voluntarily set their emission targets (NDCs), and no penalties are imposed on countries if they fail to meet the proposed targets. What the Paris Agreement requires, however, is monitoring, reporting, and reassessing countries` individual and collective goals over time in order to bring the world closer to the broader goals of the agreement. And the agreement requires countries to announce their next set of targets every five years – unlike the Kyoto Protocol, which aimed at that target but did not contain a specific requirement to achieve it. The ECOFIN Council adopted conclusions on the financial aspects of climate change in the run-up to the United Nations Climate Change Conference (COP25). The EU and its Member States remain the largest donor of public funding for the fight against climate change. Their total contributions amounted to €21.7 billion in 2018, compared to €20.4 billion in 2017. The latest figures show the EU`s determination to increase its international contribution to climate finance to reach the target set for developed countries of $100 billion per year by 2020 and 2025. France, a major player in the ratification of the Paris Agreement, facilitated its entry into force less than a year before COP22 held in Marrakech in 2016. .