The Kyoto Protocol

The Kyoto Protocol to the United Nations Framework Convention on Climate Change is an amendment to the international treaty on climate change, assigning mandatory targets for the reduction of greenhouse gas emissions to signatory nations. The treaty was negotiated in Kyoto, Japan in December 1997, opened for signature on March 16, 1998, and closed on March 15, 1999. The agreement came into force on February 16, 2005 following ratification by Russia on November 18, 2004.

The basic objective of the accord is the "stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system". The goal is to lower overall emissions of six greenhouse gases - carbon dioxide, methane, nitrous oxide, sulfur hexafluoride, HFCs, and PFCs. Countries that ratify this protocol commit to reduce their emissions of carbon dioxide and five other greenhouse gases, or engage in emissions trading if they maintain or increase emissions of these gases.

The Kyoto Protocol now covers more than 160 countries globally and over 55% of global greenhouse gas (GHG) emissions. The countries are separated into two general categories: Annex 1 countries (developed countries who have accepted GHG emission reduction obligations and must submit an annual greenhouse gas inventory); and Non-Annex 1 countries (developing countries who have no GHG emission reduction obligations but may participate in the Clean Development Mechanism). By 2008-2012, Annex 1 countries have to reduce their GHG emissions by an average of 5% below their 1990 levels. However, compared to the emissions levels that would be expected by 2010 without the Protocol, this target represents a 29% cut for many countries. The two major countries who have signed the Protocol but are not intending to ratify it are the United States and Australia.

Some public policy experts who are skeptical of global warming see Kyoto as a scheme to either slow the growth of the world's industrial democracies or to transfer wealth to the third world in what they claim is a global socialism initiative. They argue that the cost of compliance with Kyoto is prohibitive and ultimately outweighs any benefits that might result. Others argue the protocol does not go far enough to curb greenhouse emissions. Most prominent among advocates of Kyoto have been the European Union and many environmentalist organizations, though many are quick to add that Kyoto is only the first small step in taking action regarding climate change.