Kyoto Protocol International Emissions Trading
The Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) was adopted in 1997 in Kyoto, Japan, at the Third Session of the Conference of the Parties (COP) to the UNFCCC. It contains legally binding commitments, in addition to those included in the UNFCCC. Countries included in Annex B of the Protocol (most Organization for Economic Cooperation and Development countries and countries with economies in transition) agreed to reduce their anthropogenic greenhouse gas emissions (carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, and sulphur hexafluoride) by at least 5% below 1990 levels in the commitment period 2008 to 2012. The Kyoto Protocol entered into force on 16 February 2005. (IPCC)
The Kyoto Protocol was adopted in Kyoto, Japan, on 11 December 1997 and entered into force on 16 February 2005. The detailed rules for the implementation of the Protocol were adopted at COP 7 in Marrakesh, Morocco, in 2001, and are referred to as the Marrakesh Accords. Its first commitment period started in 2008 and ended in 2012. (UNFCCC, 2014)
The Kyoto Protocol is an international treaty which extends the 1992 United Nations Framework Convention on Climate Change (UNFCCC) that commits state parties to reduce greenhouse gas emissions, based on the scientific consensus that (part one) global warming is occurring and (part two) it is extremely likely that human-made CO2 emissions have predominantly caused it. The Kyoto Protocol was adopted in Kyoto, Japan, on 11 December 1997 and entered into force on 16 February 2005. There are currently 192 parties (Canada withdrew from the protocol, effective December 2012) to the Protocol. The Kyoto Protocol implemented the objective of the UNFCCC to reduce the onset of global warming by reducing greenhouse gas concentrations in the atmosphere to "a level that would prevent dangerous anthropogenic interference with the climate system" (Article 2). The Kyoto Protocol applies to the six greenhouse gases listed in Annex A: Carbon dioxide (CO2), Methane (CH4), Nitrous oxide (N2O), Hydrofluorocarbons (HFCs), Perfluorocarbons (PFCs), and Sulphur hexafluoride (SF6). The Protocol is based on the principle of common but differentiated responsibilities: it acknowledges that individual countries have different capabilities in combating climate change, owing to economic development, and therefore puts the obligation to reduce current emissions on developed countries on the basis that they are historically responsible for the current levels of greenhouse gases in the atmosphere. The Protocol's first commitment period started in 2008 and ended in 2012. All 36 countries that fully participated in the first commitment period complied with the Protocol. However, nine countries had to resort to the flexibility mechanisms by funding emission reductions in other countries because their national emissions were slightly greater than their targets. The financial crisis of 2007–08 helped reduce the emissions. The greatest emission reductions were seen in the former Eastern Bloc countries because the dissolution of the Soviet Union reduced their emissions in the early 1990s. Even though the 36 developed countries reduced their emissions, the global emissions increased by 32% from 1990 to 2010. A second commitment period was agreed in 2012, known as the Doha Amendment to the Kyoto Protocol, in which 37 countries have binding targets: Australia, the European Union (and its 28 member states), Belarus, Iceland, Kazakhstan, Liechtenstein, Norway, Switzerland, and Ukraine. Belarus, Kazakhstan, and Ukraine have stated that they may withdraw from the Kyoto Protocol or not put into legal force the Amendment with second round targets. Japan, New Zealand, and Russia have participated in Kyoto's first-round but have not taken on new targets in the second commitment period. Other developed countries without second-round targets are Canada (which withdrew from the Kyoto Protocol in 2012) and the United States (which has not ratified). As of May 2020, 138 states have accepted the Doha Amendment, while entry into force requires the acceptances of 144 states. Of the 37 parties with binding commitments, 34 have ratified. Negotiations were held in the framework of the yearly UNFCCC Climate Change Conferences on measures to be taken after the second commitment period ends in 2020. This resulted in the 2015 adoption of the Paris Agreement, which is a separate instrument under the UNFCCC rather than an amendment of the Kyoto Protocol.
Source: Wikipedia - Kyoto Protocol