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Kyoto Protocol
The Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) was agreed by the third session of the Conference of Parties (COP3) in December, 1997. It strengthens the international response to climate change by establishing limits for greenhouse gas (GHG) emissions. Seven years later, following ratification by Russia, the number of signatory countries to the Kyoto Protocol finally reached 55% of emissions. With its entry into effect on 16 February 2005, Annex B (developed countries and economies in transition) signatory countries were now to accomplish the reduction of their GHG emissions between 2008 and 2012, by at least 5.2% in comparison to 1990 levels. The Protocol sets out three flexible mechanisms that countries may use to accomplish their commitments.
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Kyoto Protocol Flexible Mechanisms
Kyoto Protocol Flexible Mechanisms are market-based mechanisms established with the purpose of enabling countries achieve their emissions reduction commitments in a cost-effective manner. Three mechanisms were established: Clean Development Mechanism (CDM), Joint Implementation (JI) and Emissions Trading (ET).