Kyoto Protocol

The Kyoto Protocol, negotiated in December 1997, is an international and legally binding agreement to reduce greenhouse gas (GHG) emissions worldwide.  Recognising that developed countries are principally responsible for the current high levels of GHG emissions in the atmosphere as a result of more than 150 years of industrial activity, the Protocol places a heavier burden on developed nations under the principle of “common but differentiated responsibilities”¹.

The agreement came into force on February 16, 2005. As of June 2008, a total of 181 countries have ratified the agreement (representing over 63.7% of global emissions)².   These countries are committed to reducing their emissions of six GHGs (carbon dioxide, methane, nitrous oxide, hydro-fluorocarbons, per-fluorocarbons and sulphur hexafluoride) by 5.2% below 1990 levels over the period 2008-2012.  Only developed (Annex I) countries have legally binding emissions reductions targets under the Protocol.  Developing nations have no obligation beyond monitoring and reporting emissions.

The Protocol established three markets mechanisms to assist Annex I countries in meeting their Kyoto targets in the most efficient and cost-effective manner.   These mechanisms are: international emissions trading (the ‘regulated carbon market’); and joint implementation (JI) and the clean development mechanisms (CDM), in which credits from emission reducing projects in one country can be used to meet the Kyoto target of another country.  Under JI, projects can be hosted in developed countries, and under CDM projects are hosted in developing countries.

The UK’s Kyoto target is a reduction in GHG of 12.5% below base year levels by 2008-12. In the 2007 update of the UK Climate Change Programme, the Government announced it is on course to achieving its Kyoto target with 2005 GHG emissions 15.6% less than the base year, down from 775.2 to 654.1 MtCO2 equivalent.

The Kyoto Protocol is seen as a first step towards a global emissions reduction scheme that will stabilise GHG emissions and help develop an international agreement on climate change³.

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