Kyoto Protocol
The Kyoto Protocol is an agreement made under the United Nations Framework Convention on Climate Change (UNFCCC). Countries that have ratified the Protocol have commited 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.
Kyoto is a ‘cap and trade’ system that imposes national caps on the emissions of Annex I countries. On average, this cap requires countries to reduce their emissions 5.2% below their 1990 baseline over the 2008 to 2012 period.
The objective is the stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system.
The ratification by Russia on 18 November 2004 satisfied the "55%" clause and brought the treaty into force, effective February 16, 2005.
According to a press release from the United Nations Environment Programme:
"The Kyoto Protocol is an agreement under which industrialised 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 target 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 targets 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."
Countries which have ratified the Kyoto Protocol can use flexibility mechanisms, such as emissions trading, to achieve their Kyoto commitments. Emissions trading is a market based policy approach for reaching an environmental target at least-cost and with least disruption to the economy. Countries with high greenhouse abatement costs are more likely to buy carbon permits to stay in compliance with their Kyoto commitments than undertake more expensive abatement. Countries with low costs of abatement will undertake more abatement than necessary to meet their Kyoto commitments and sell surplus permits for a profit.
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