During December 1997, more than 160 nations met in
A. The United Nations Framework Convention on Climate Change agreed to a set of a "common but differentiated responsibilities." The parties agreed that:
(a) The largest share of historical and current global emissions of greenhouse gases has originated in developed countries;
(b) Per capita emissions in developing countries are still relatively low, and
(c) the share of global emissions originating in developing countries will grow to meet their social and development needs.
In other words,
B. The developed countries commit themselves to reducing their collective emissions of six key greenhouse gases by at least 5%. As per the convention, this group target will be achieved through cuts of 8% by
Each country’s emissions target must be achieved by the period 2008-2012. 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.
C. Experts opine, actual emission reductions would be much larger than 5%. The richest industrialized countries (OECD members) would need to reduce their collective output by about 10%, as there was backlog. While the countries with economies in transition have experienced falling emissions since 1990, this trend is now reversing. Therefore, for the developed countries as a whole, the 5% Protocol target represents an actual cut of around 20% when compared with the emissions levels that are projected for 2010 if no emissions-control measures are adopted.
Some are skeptical about the scheme. They think
Despite few oppositions majority of the countries support Kyoto protocol for reduction of greenhouse gases (GHGs) and already started working in the direction of reducing the emission of greenhouse gases.
Carbon credit: As discussed above, the Kyoto Protocol has created a mechanism under which countries that have been emitting more carbon and other gases of GHGs have voluntarily decided that they will bring down the level of carbon they are emitting to the levels of early 1990s; thus carbon credits are generated by enterprises in the developing world that shift to cleaner technologies and thereby save on energy consumption, consequently reducing their GHGs.
A company has two ways to reduce emissions. One, it can reduce the GHG (greenhouse gases) by adopting new technology or improving upon the existing technology by attaining to the newer emission norms. Alternatively, the company may tie up with developing nations and help them set up new technology that is eco-friendly, thereby helping developing country or its companies 'earn' Credits.