Review of Kyoto Protocol and Its Impact on India
The KYOTO Protocol
The Kyoto protocol is an international agreement linked to the United Nations Framework Convention on Climate Change. The major feature of the Kyoto protocol is that it sets binding targets for 37 industrialized countries and the European community for reducing greenhouse gas (GHG) emissions. These amount to an average of five percent against 1990 levels over the five year period 2008-2012. The major difference between the Protocol and the Convention is that while the Convention encouraged industrialized countries to stabilize CHG emissions, the Protocol commits them to do so 1.
Recognizing 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 (Kyoto Protocol, 2012).
The Kyoto Mechanisms
Under the treaty, countries must meet their targets primarily through national measures. However, the Kyoto protocol offers them an additional means of meeting their targets by way of three market-based mechanisms. The Kyoto mechanisms are:
1. Emissions Trading:
Parties (countries) with commitments under the Kyoto protocol have accepted targets for limiting or reducing emissions. These targets are expressed as levels of allowed emissions or “assigned amounts” which are further divided into “assigned amount units” (AAUs) 2.
Emissions trading allows countries that have emission units to spare – emissions permitted to them but not “used” – to sell this excess capacity to countries that are over their targets. Thus, a new commodity was created in the form of emission reductions. Since carbon dioxide is the principle green house gas, people speak simply of trading in carbon. Carbon is now tracked and traded like any other commodity. This is known as the “carbon market” (Emissions Trading, 2012).
The
The Kyoto protocol is an international agreement linked to the United Nations Framework Convention on Climate Change. The major feature of the Kyoto protocol is that it sets binding targets for 37 industrialized countries and the European community for reducing greenhouse gas (GHG) emissions. These amount to an average of five percent against 1990 levels over the five year period 2008-2012. The major difference between the Protocol and the Convention is that while the Convention encouraged industrialized countries to stabilize CHG emissions, the Protocol commits them to do so 1.
Recognizing 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 (Kyoto Protocol, 2012).
The Kyoto Mechanisms
Under the treaty, countries must meet their targets primarily through national measures. However, the Kyoto protocol offers them an additional means of meeting their targets by way of three market-based mechanisms. The Kyoto mechanisms are:
1. Emissions Trading:
Parties (countries) with commitments under the Kyoto protocol have accepted targets for limiting or reducing emissions. These targets are expressed as levels of allowed emissions or “assigned amounts” which are further divided into “assigned amount units” (AAUs) 2.
Emissions trading allows countries that have emission units to spare – emissions permitted to them but not “used” – to sell this excess capacity to countries that are over their targets. Thus, a new commodity was created in the form of emission reductions. Since carbon dioxide is the principle green house gas, people speak simply of trading in carbon. Carbon is now tracked and traded like any other commodity. This is known as the “carbon market” (Emissions Trading, 2012).
The
References: 1. “Kyoto Protocol”, 2012. http://unfccc.int/kyoto_protocol/items/2830.php (29 Mar. 2012) 2. “Emissions Trading”, 2012 3. “Joint Implementation”, 2012. http://unfccc.int/kyoto_protocol/mechanisms/joint_implementation/items/1674.php (29 Mar. 2012) 4. “Clean Development Mechanism”, 2012 5. “The Mechanisms under the Kyoto Protocol: Emissions Trading, the Clean Development Mechanism and Joint Implementation”, 2012 6. Michael Zammit Cutajar, ‘Reflections on the Kyoto Protocol – Looking Back to See Ahead’, International Review for Environmental Strategies (2004) 7. “Kyoto Protocol”, 2012 10. Jyoti Parikh and Kirit Parikh, ‘The Kyoto Protocol: An Indian Perspective’, International Review for Environmental Strategies (2004) Appendix