Kyoto Protocol
The amendment to the treaty on United Nations Framework Convention on Climate change called Kyoto Protocol. It aims at cutting global emissions of Green House Gases(GHG). The main objectives of Kyoto protocol are : it is intended to assign mandatory targets for the reduction of global emissions of greenhouse gas to signatory nations. 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.”
“Kyoto is underwritten by governments and is governed by global legislation enacted under UN aegis.” Governments are separated into two general categories: developed countries referred to as Annex 1 countries who have accepted strict GHG emission reduction obligations. Any Annex 1 entity failing to meet its Kyoto targets is subject to a fine and further penalized by having its reduction targets increased by 30%. Developing countries referred to as Non Annex 1 countries who have no GHG emission reduction obligations. “Kyoto includes linking mechanisms ”which allow Annex 1 economies to meet their GHG targets by purchasing GHG emission reductions from elsewhere. The treaty was negotiated in Kyoto, Japan in December 1997, opened signature on March 16, 1998 and closed on March 15, 1999. As of July 2006, a total of 164 countries have ratified the agreement. According to terms of the protocol, conditions for entry into force required 55 parties and at least 55% reduction of the total carbon dioxide emission.
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