Wednesday, December 5, 2007

Kyoto Protocol

The Kyoto Protocol is a protocol to the international Framework Convention on Climate Change with the objective of reducing Greenhouse gases that cause climate change. The treaty was negotiated in Kyoto, Japan in December 1997, opened for signature on March 16, 1998 and closed on March 15, 1999. The agreement came into force on February 16, 2005 following ratification by Russia on November 18, 2004. As of December 2006, a total of 169 countries and other governmental entities have ratified the agreement.

As stated in the treaty itself,

The objective of the Kyoto Protocol is to achieve "stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system.

As of June 2007, 172 parties have ratified the protocol. Of these, 36 countries (plus the EU as a party in its own right) are required to reduce greenhouse gas emissions to the levels specified for each of them in the treaty (representing over 61.6% of emissions from Annex I countries), with three more countries intending to participate. A notable exception includes the United States. One hundred thirty seven (137) countries have ratified the protocol, but have no obligation beyond monitoring and reporting emissions.

The Kyoto Protocol is an agreement made under the United Nations Framework Convention on Climate Change (UNFCCC). Countries that ratify this protocol commit to reduce their emissions of carbon dioxide and five other greenhouse gases, or engage in emissions trading if they maintain or increase emissions of these gases.

The Kyoto Protocol now covers more than 170 countries globally and more than 60% of countries in terms of global greenhouse gas emissions. As of November 2007, the US, and Kazakhstan are the only signatory nations, not to have ratified the act. This treaty expires in 2012, and international talks began in May 2007 on a future treaty to succeed the current one.

At its heart, the Kyoto Protocol establishes the following principles:

- Kyoto is underwritten by governments and is governed by global legislation enacted under the UN’s aegis;

- Governments are separated into two general categories: developed countries, referred to as Annex I countries (who have accepted greenhouse gas emission reduction obligations and must submit an annual greenhouse gas inventory); and developing countries, referred to as Non-Annex I countries (who have no greenhouse gas emission reduction obligations but may participate in the Clean Development Mechanism);

- Any Annex I country that fails to meet its Kyoto obligation will be penalized by having to submit 1.3 emission allowances in a second commitment period for every ton of greenhouse gas emissions they exceed their cap in the first commitment period (i.e., 2008-2012);

- By 2008-2012, Annex I countries have to reduce their greenhouse gas emissions by a collective average of 5% below their 1990 levels (for many countries, such as the EU member states, this corresponds to some 15% below their expected greenhouse gas emissions in 2008). While the average emissions reduction is 5%, national limitations range from 8% reductions for the European Union to a 10% emissions increase for Iceland; but since the EU intends to meet its obligation by distributing different rates among its member states, much larger increases (up to 27%) are allowed for some of the less developed EU countries. Reduction limitations expire in 2013;

- Kyoto includes "flexible mechanisms" which allow Annex I economies to meet their greenhouse gas emission limitation by purchasing GHG emission reductions from elsewhere. These can be bought either from financial exchanges, from projects which reduce emissions in non-Annex I economies under the Clean Development Mechanism (CDM), from other Annex 1 countries under the JI, or from Annex I countries with excess allowances. Only CDM Executive Board-accredited Certified Emission Reductions (CER) can be bought and sold in this manner. Under the aegis of the UN, Kyoto established this Bonn-based Clean Development Mechanism Executive Board to assess and approve projects ("CDM Projects") in Non-Annex I economies prior to awarding CERs. (A similar scheme called "Joint Implementation" or "JI" applies in transitional economies mainly covering the former Soviet Union and Eastern Europe).

Details of the agreement

According to a press release from the United Nations Environment Program:

"The Kyoto Protocol is an agreement under which industrialized countries will reduce their collective emissions of greenhouse gases by 5.2% compared to the year 1990 (but note that, compared to the emissions levels that would be expected by 2010 without the Protocol, this limitation represents a 29% cut). The goal is to lower overall emissions of six greenhouse gases - carbon dioxide, methane, nitrous oxide, sulfur hexafluoride, HFCs, and PFCs - calculated as an average over the five-year period of 2008-12. National limitations range from 8% reductions for the European Union and some others to 7% for the US, 6% for Japan, 0% for Russia, and permitted increases of 8% for Australia and 10% for Iceland."

The first Meeting of the Parties to the Kyoto Protocol (MOP1) was held in Montreal from November 28 to December 9, 2005, along with the 11th conference of the Parties to the UNFCCC (COP11).


Post-Kyoto negotiations on greenhouse gas emissions

In the non-binding 'Washington Declaration' agreed on February 16, 2007, Presidents or Prime Ministers from Canada, France, Germany, Italy, Japan, Russia, United Kingdom, the United States, Brazil, China, India, Mexico and South Africa agreed in principle on the outline of a successor to the Kyoto Protocol. They envisage a global cap-and-trade system that would apply to both industrialized nations and developing countries, and hoped that this would be in place by 2009.

On June 7, 2007, leaders at the 33rd G8 summit agreed that the G8 nations would 'aim to at least halve global CO2 emissions by 2050'. The details enabling this to be achieved would be negotiated by environment ministers within the United Nations Framework Convention on Climate Change in a process that would also include the major emerging economies.

A round of climate change talks under the auspices of the United Nations Framework Convention on Climate Change (UNFCCC) (Vienna Climate Change Talks 2007) concluded in 31 August 2007 with agreement on key elements for an effective international response to climate change

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