.Brief History-KYOTO PROTOCOL 1979 — The first World Climate Conference (WCC) takes place. 1988 — The Intergovernmental Panel on Climate Change is set up. Other conventions adopted are UNCBD and UNCCD.An international treaty. the United Nations Framework Convention on Climate Change is established at the Rio Summit. 1992 . 1991 — First meeting of the Intergovernmental Negotiating Committee (INC) takes place.

• 1994 — UNFCCC enters into force. . • 1996 — The UNFCCC Secretariat is set up to support action under the Convention. • 1997 — Kyoto Protocol formally adopted in December at COP3. • 1995 — The first Conference of the Parties (COP 1) takes place in Berlin.

• 2012 .• 2005 — Entry into force of the Kyoto Protocol.The Doha Amendment to the Kyoto Protocol is adopted by the CMP at CMP8. . The first Meeting of the Parties to the Kyoto Protocol (MOP 1) takes place in Montreal.

N2O.Kyoto Protocol’s Objectives • Ratifying countries have committed to cut emissions of greenhouse gases (GHGs) such as CO2.2% below the emission levels of 1990 by 2012. HFCs. CH4. PFCs. and SF6. • Works on the principle of “common but differentiated responsibilities”. . • The goals of Kyoto were to see participants collectively reducing emissions of greenhouse gases by 5.

The Mechanisms under the Kyoto Protocol • Apart from national policy measures. countries with commitments under the Kyoto Protocol can meet their targets through three market-based mechanisms: • Emissions Trading • The Clean Development Mechanism (CDM) • Joint Implementation (JI) .

allows countries that have “surplus” emission units to sell this excess capacity to countries that are over their targets.Emissions Trading and the “Carbon” Market • Parties with commitments under the Kyoto Protocol (Annex B Parties) have accepted targets for limiting or reducing emissions. • Emissions trading. . • These targets are expressed as “assigned amount units” (AAUs). as stated in Article 17 of the Kyoto Protocol.

• Carbon is now tracked and traded like any other commodity. a new commodity was created in the form of emission reductions or removals. • Since carbon dioxide is the principal greenhouse gas." . although other GHGs are included in this.• Thus. people speak simply of trading in carbon. This is known as the "carbon market.

each equal to one tonne of CO2.Other trading units in the carbon market • The other units which may be traded under the scheme. may be in the form of: • A removal unit (RMU) on the basis of land use. land-use change and forestry (LULUCF) activities such as reforestation • An emission reduction unit (ERU) generated by a joint implementation (JI) project • A certified emission reduction (CER) generated from a clean development mechanism (CDM) project activity .

each Party is required to maintain a reserve of ERUs. AAUs and/or RMUs in its national registry. .The commitment period reserve • In order to address the concern that Parties could "oversell" units. and subsequently be unable to meet their own emissions targets. CERs.

allows a country with an emission-reduction or emissionlimitation commitment under the Kyoto Protocol (Annex B Party) to implement an emissionreduction project in developing countries. which can be counted towards meeting Kyoto targets. each equivalent to one tonne of CO2.Clean Development Mechanism (CDM) • The Clean Development Mechanism (CDM). • Such projects can earn saleable certified emission reduction (CER) credits. defined in Article 12 of the Protocol. .

” defined in Article 6 of the Kyoto Protocol. each equivalent to one tonne of CO2. which can be counted towards meeting its Kyoto target. . allows a country with an emission reduction or limitation commitment under the Kyoto Protocol (Annex B Party) to earn emission reduction units (ERUs) from an emissionreduction or emission removal project in another Annex B Party.Joint Implementation (JI) • The mechanism known as “joint implementation.

while the host Party benefits from foreign investment and technology transfer. .• Joint implementation offers Parties a flexible and cost-efficient means of fulfilling a part of their Kyoto commitments.

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