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The Kyoto Protocol is an amendment to the International Treaty: the United Nations Framework Convention on Climate Change (UNFCCC), assigning mandatory emission limits for the reduction of greenhouse gas emissions for developed nations (referred to as Annex I countries). It aims for the stabilization of GHG concentrations in the atmosphere at a level whereby it would not adversely affect the climate. As of April, 2008, 180 countries and 1 regional economic integration organization (the EEC) have ratified the agreement. A notable exception is the United States - with stated intent to not sign in the future. Australia is a recent entry having ratified in December 2007. The protocol entered into force in February 2005 with the ratification of Russia.
The Kyoto Protocol includes three “flexibility mechanisms” that are market-based provisions that allow for the supplementing of reductions through the purchase of reduction credits generated from reductions that have been made elsewhere. This creates the “cap and trade” system whereby emissions reductions can be traded.
The current phase of the Kyoto Protocol is Phase II, running from 2008 through 2012.
The protocol assigns a signatory party’s maximum amount of emissions measured as the equivalent in carbon dioxide.
The Kyoto Protocol includes three “flexibility mechanisms” that are market-based provisions that allow for the supplementing of reductions through the purchase of reduction credits generated from reductions that have been made elsewhere. This creates the “cap and trade” system whereby emissions reductions can be traded.
The current phase of the Kyoto Protocol is Phase II, running from 2008 through 2012.
The protocol assigns a signatory party’s maximum amount of emissions measured as the equivalent in carbon dioxide.
Kyoto Protocol