Participation in the Kyoto Protocol, as of June 2009, where dark green indicates the countries that have signed and ratified the treaty, grey is not yet decided and red is no intention to ratify.
The Kyoto Protocol is a protocol to the United Nations Framework Convention on Climate Change (UNFCCC or FCCC), aimed at combating global warming. The UNFCCC is an international environmental treaty with the goal of achieving "stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system.
The Protocol was initially adopted on 11 December 1997 in Kyoto, Japan and entered into force on 16 February 2005. As of November 2009, 187 states have signed and ratified the protocol.[2]
Under the Protocol, 37 industrialized countries (called "Annex I countries") commit themselves to a reduction of four greenhouse gases (GHG) (carbon dioxide, methane, nitrous oxide, sulphur hexafluoride) and two groups of gases (hydrofluorocarbons and perfluorocarbons) produced by them, and all member countries give general commitments. Annex I countries agreed to reduce their collective greenhouse gas emissions by 5.2% from the 1990 level. Emission limits do not include emissions by international aviation and shipping, but are in addition to the industrial gases, chlorofluorocarbons, or CFCs, which are dealt with under the 1987 Montreal Protocol on Substances that Deplete the Ozone Layer.
The benchmark 1990 emission levels were accepted by the Conference of the Parties of UNFCCC (decision 2/CP.3) [2] were the values of "global warming potential" calculated for the IPCC Second Assessment Report. These figures are used for converting the various greenhouse gas emissions into comparable CO2 equivalents when computing overall sources and sinks.
The Protocol allows for several "flexible mechanisms", such as emissions trading, the clean development mechanism (CDM) and joint implementation to allow Annex I countries to meet their GHG emission limitations by purchasing GHG emission reductions credits from elsewhere, through financial exchanges, projects that reduce emissions in non-Annex I countries, from other Annex I countries, or from annex I countries with excess allowances.
Each Annex I country is required to submit an annual report of inventories of all anthropogenic greenhouse gas emissions from sources and removals from sinks under UNFCCC and the Kyoto Protocol. These countries nominate a person (called a "designated national authority") to create and manage its greenhouse gas inventory. Countries including Japan, Canada, Italy, the Netherlands, Germany, France, Spain and others are actively promoting government carbon funds, supporting multilateral carbon funds intent on purchasing carbon credits from non-Annex I countries,[3] and are working closely with their major utility, energy, oil and gas and chemicals conglomerates to acquire greenhouse gas certificates as cheaply as possible.Virtually all of the non-Annex I countries have also established a designated national authority to manage its Kyoto obligations, specifically the "CDM process" that determines which GHG projects they wish to propose for accreditation by the CDM Executive Board.
Background
The prevailing international scientific opinion on climate change is that human activities resulted in substantial global warming from the mid-20th century, and that continued growth in greenhouse gas concentrations caused by human-induced emissions would generate high risks of dangerous climate change.
The Intergovernmental Panel on Climate Change (IPCC) has predicted an average global rise in temperature of 1.4°C (2.5°F) to 5.8°C (10.4°F) between 1990 and 2100.[4]
Article 25 of the Protocol specifies that the Protocol enters into force "on the ninetieth day after the date on which not less than 55 Parties to the Convention, incorporating Parties included in Annex I which accounted in total for at least 55% of the total carbon dioxide emissions for 1990 of the Annex I countries, have deposited their instruments of ratification, acceptance, approval or accession."
The EU and its Member States
As of November 2009, 186 countries and one regional economic organization (the EC) have ratified the agreement, representing over 63.9% of the 1990 emissions from Annex I countries.[2] Australia
The most notable non-party to the Protocol is the United States, which is a party to UNFCCC and was responsible for 36.1% of the 1990 emission levels of Annex I countries.
The Protocol can be signed and ratified only by parties to UNFCCC, (Article 24) and a country can withdraw by giving 12 months notice. (Article 27)
The objective is the "stabilization and reconstruction of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system."[1]
The objective of the Kyoto
Proponents also note that Kyoto
The five principal concepts of the Kyoto Protocol are:[citation needed]
- commitments to reduce greenhouse gases that are legally binding for annex I countries, as well as general commitments for all member countries;
- implementation to meet the Protocol objectives, to prepare policies and measures which reduce greenhouse gases; increasing absorption of these gases (for example through geosequestration and biosequestration) and use all mechanisms available, such as joint implementation, clean development mechanism and emissions trading; being rewarded with credits which allow more greenhouse gas emissions at home;
- minimizing impacts on developing countries by establishing an adaptation fund for climate change;
- accounting, reporting and review to ensure the integrity of the Protocol;
- compliance by establishing a compliance committee to enforce commitment to the Protocol.
2012 emission targets and "flexible mechanisms"
39 of the 40 Annex I countries have ratified the Protocol. Of these 34 have committed themselves to a reduction of greenhouse gases (GHG) produced by them to targets that are set in relation to their 1990 emission levels, in accordance with Annex B of the Protocol. The targets apply to the four greenhouse gases carbon dioxide, methane, nitrous oxide, sulphur hexafluoride, and two groups of gases, hydrofluorocarbons and perfluorocarbons. The six GHG gases are translated into CO2 equivalents in determining reductions in emissions. These reduction targets are in addition to the industrial gases, chlorofluorocarbons, or CFCs, which are dealt with under the 1987 Montreal Protocol on Substances that Deplete the Ozone Layer.
Under the Protocol, Annex I countries have committed themselves to national or joint reduction targets, (formally called "quantified emission limitation and reduction objectives"- Article 4.1) that range from a joint reduction of 8% for the European Union and others, to 7% for the United States (non-binding as the US is not a signatory), 6% for Japan and 0% for Russia. The treaty permits emission increases of 8% for Australia and 10% for Iceland
Annex I countries can achieve their targets by allocating reduced annual allowances to major operators within their borders, or by allowing these operators to exceed their allocations by offsetting any excess through a mechanism that is agreed by all the parties to the UNFCCC, such as by buying emission allowances from other operators which have excess emissions credits.
38 of the 39 Annex I countries have agreed to cap their emissions in this way, two others are required to do so under their conditions of accession into the EU, and one more (Belarus) is seeking to become an Annex I country.
The Protocol provides for several "flexible mechanisms" which enable Annex I countries to meet their GHG emission targets by acquiring GHG emission reductions credits. The credits are acquired by an Annex I country financing projects that reduce emissions in non-Annex I countries or other Annex I countries, or by purchasing credits from Annex I countries with excess credits. The flexible mechanisms are emissions trading, the clean development mechanism (CDM) and joint implementation.
In practice this means that non-Annex I countries have no GHG emission restrictions, but have financial incentives to develop GHG emission reduction projects to receive "carbon credits" that can then be sold to Annex I countries, encouraging sustainable development.[10] In addition, the flexible mechanisms allow annex I countries with efficient, low GHG-emitting industries, and high prevailing environmental standards to purchase carbon credits on the world market instead of reducing greenhouse gas emissions domestically. Annex I countries typically will want to acquire carbon credits as cheaply as possible, while non-Annex I countries want to maximize the value of carbon credits generated from their domestic greenhouse gas projects.
Details of the agreement
According to a press release from the United Nations Environment Programme:
"After 10 days of tough negotiations, ministers and other high-level officials from 160 countries reached agreement this morning on a legally binding Protocol under which industrialized countries will reduce their collective emissions of greenhouse gases by 5.2%. The agreement aims to lower overall emissions from a group of six greenhouse gases by 2008-12, calculated as an average over these five years. Cuts in the three most important gases - carbon dioxide (CO2), methane (CH4), and nitrous oxide (N20) - will be measured against a base year of 1990. Cuts in three long-lived industrial gases - hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), and sulphur hexafluoride (SF6) - can be measured against either a 1990 or 1995 baseline."
National limitations range from 8% reductions for the European Union and others, to 7% for the US , 6% for Japan , 0% for Russia , and permitted increases of 8% for Australia and 10% for Iceland
The agreement supplements the United Nations Framework Convention on Climate Change (UNFCCC) adopted at the Earth Summit in Rio de Janeiro in 1992, which did not set any limitations or enforcement mechanisms. All parties to UNFCCC can sign or ratify the Kyoto Protocol, while non-parties to UNFCCC cannot. The Kyoto Protocol was adopted at the third session of the Conference of Parties to the UNFCCC (COP 3) in 1997 in Kyoto , Japan
National emission targets exclude international aviation and shipping.
Common but differentiated responsibility
UNFCCC adopts a principle of "common but differentiated responsibilities." The parties agreed that:
1. the largest share of historical and current global emissions of greenhouse gases originated in developed countries;
2. per capita emissions in developing countries are still relatively low;
3. the share of global emissions originating in developing countries will grow to meet social and development needs.[11]
The protocol defines a mechanism of "compliance" as a "monitoring compliance with the commitments and penalties for non-compliance."[13]
Emissions trading
Main article: Emissions trading
The ultimate buyers of credits are often individual companies that expect emissions to exceed their quota, their assigned allocation units, AAUs or 'allowances' for short. Typically, they will purchase credits directly from another party with excess allowances, from a broker, from a JI/CDM developer, or on an exchange.
National governments, some of whom may not have devolved responsibility for meeting Kyoto
Since allowances and carbon credits are tradeable instruments with a transparent price, financial investors can buy them on the spot market for speculation purposes, or link them to futures contracts. A high volume of trading in this secondary market helps price discovery and liquidity, and in this way helps to keep down costs and set a clear price signal in CO2 which helps businesses to plan investments. This market has grown substantially, with banks, brokers, funds, arbitrageurs and private traders now participating in a market valued at about $60 billion in 2007.[14] Emissions Trading PLC, for example, was floated on the London Stock Exchange's AIM market in 2005 with the specific remit of investing in emissions instruments.
Although Kyoto
The UK
The sources of Kyoto
Since the creation of Kyoto is subject to a lengthy process of registration and certification by the UNFCCC, and the projects themselves require several years to develop, this market is at this point largely a forward market where purchases are made at a discount to their equivalent currency, the EUA, and are almost always subject to certification and delivery (although up-front payments are sometimes made). According to IETA, the market value of CDM/JI credits transacted in 2004 was EUR 245 m; it is estimated that more than EUR 620 m worth of credits were transacted in 2005.
Several non-Kyoto carbon markets are in existence or being planned, and these are likely to grow in importance and numbers in the coming years. These include the New South Wales Greenhouse Gas Abatement Scheme, the Regional Greenhouse Gas Initiative and Western Climate Initiative in the United States and Canada, the Chicago Climate Exchange and the State of California’s recent initiative to reduce emissions.
These initiatives taken together may create a series of partly linked markets, rather than a single carbon market. The common theme is the adoption of market-based mechanisms centered on carbon credits that represent a reduction of CO2 emissions. The fact that some of these initiatives have similar approaches to certifying their credits makes it possible that carbon credits in one market may in the long run be tradeable in other schemes. The scheme would broaden the current carbon market far more than the current focus on the CDM/JI and EU ETS domains. An obvious precondition, however, is a realignment of penalties and fines to similar levels,since these create an effective ceiling for each market.Reduction limitations expire in 2013.
States and local governments
The Framework Convention on Climate Change is a treaty negotiated between countries at the UN; thus individual states are not free to participate independently within this Protocol to the treaty. Nonetheless, several separate initiatives have started at the level of state or city. Eight Northeastern U.S. states created the Regional Greenhouse Gas Initiative (RGGI),[79] a state level emissions capping and trading program, using their own independently-developed mechanisms. Their first allowances were auctioned in November 2008.
- Participating states: Maine, New Hampshire, Vermont, Connecticut, New York, New Jersey, Delaware, Massachusetts, and Maryland (these states represent over 46 million people, 20% of the US population).
- Observer states and regions: Pennsylvania, District of Columbia, Rhode Island.
On 27 September 2006, California Governor Arnold Schwarzenegger signed into law the bill AB 32, also known as the Global Warming Solutions Act, establishing a timetable to reduce the state's greenhouse-gas emissions, which rank at 12th-largest in the world, by 25% by the year 2020. This law effectively puts California in line with the Kyoto Kyoto
As of 14 June 2009, 944 U.S. cities in 50 states, the District of Columbia and Puerto Rico, representing over 80 million Americans support Kyoto after Mayor Greg Nickels of Seattle started a nationwide effort to get cities to agree to the protocol.[80] On 29 October 2007, it was reported that Seattle
Change in greenhouse gas emission since 1990
Below is a list of the change in greenhouse gas emissions from 1990 to 2007 for some countries that are part of the Climate Change Convention as reported by the United Nations.[95]
Country  | Change in greenhouse gas Emissions (1990-2007) excluding LULUCF | Change in greenhouse gas Emissions (1990-2007) including LULUCF | EU Assigned Objective for 2012 | Treaty Obligation 2008-2012 |
-3.3% | -5.6% | -20% | -11% | |
-21.3% | -20.8% | -21% | -8% | |
+26.2% | +46.7% | n/a | -6% | |
+30.0% | +82.0% | n/a | +8% | |
+53.5% | +55.3% | +15% | -8% | |
+10.8% | -22.0% | n/a | +1% | |
+22.1% | +18.3% | n/a | 0% | |
-5.3% | -11.8% | 0% | -8% | |
+24.9% | +25.2% | +25% | -8% | |
+25.0% | +22.6% | +13% | -8% | |
+8.2% | +8.2% | n/a | -6% | |
-17.3% | -17.8% | -12.5% | -8% | |
+38.1% | +30.8% | +27% | -8% | |
-4.3% | -5.6% | n/a | -8% |
Below is a table of the changes in the CO2 emissions between 1992 and 2008 of 20 countries with the most (estimated) 2008 emissions[96], and other pertinent information.
Note that the 2008 emissions numbers from which the following table has been created are not actual published emission numbers, but are instead preliminary estimates [97] made by CDIAC[98] using some extrapolation methods[99]. The population data used for per-capita calculations is taken from US Census Bureau's international Data Base (IDB)[100].
Comparing total greenhouse gas emissions in 2004 to 1990 levels, the U.S. emissions were up by 15.8%,[101] with irregular fluctuations from one year to another but a general trend to increase.[102] At the same time, the EU group of 23 (EU-23) Nations had reduced their emissions by 5%.[103] In addition, the EU-15 group of nations (a large subset of EU-23) reduced their emissions by 0.8% between 1990 and 2004, while emission rose 2.5% from 1999 to 2004. Part of the increases for some of the European Union countries are still in line with the treaty, being part of the cluster of countries implementation (see objectives in the list above).
As of year-end 2006, the United Kingdom and Sweden were the only EU countries on pace to meet their Kyoto Kyoto
Asia Pacific Partnership on Clean Development and Climate
The Asia Pacific Partnership on Clean Development and Climate is an agreement among seven Asia-Pacific nations: Australia, Canada, China, India, Japan, South Korea, and the United States. Between them, these seven countries are responsible for more than half of the world's carbon dioxide emissions.
The partnership had its official launch in January 2006 at a ceremony in Sydney , Australia
Supporters of the pact see it as "complementing the Kyoto Protocol" whilst being more flexible. Critics have said the pact will be ineffective without any enforcement measures and is a means to undermine the negotiations leading to the Protocol scheduled to replace the current Kyoto Protocol (negotiations started in Montreal America and Australia to ratify Kyoto
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