Abstract: A multi-period public goods game model with collective risk is established, based on “Intended Nationally Determined Contributions” and “Global Stocktake” mechanisms proposed in the Paris Agreement． Subgame perfect Nash equilibrium method is applied to analyze whether and how to achieve emission reduction target when developed and developing countries have heterogeneity in endowment, emission reduction costs, and climate risk． If the weighted average of climate risk of all countries reaches or exceeds the coefficient of emission reduction target, then global cooperation can be the outcome of a subgame perfect Nash equilibrium through the Grim strategy． Further, emission reduction period and numbers of developed and non-developed countries do not affect global cooperation．