The Kyoto Protocol is an agreement
between 174 nations of the world, to cut
down on the emission of green house
gases that are responsible for climate
change. It was made under the United
Nations Framework Convention on
Climate Change (UNFCC). The protocol
divides nations into Annex 1 countries
(developed nations) and Non-annex 1
countries (developing nations); the former
are expected cut emissions to 5 percent
less than their levels in 1991, while the
latter are under no such obligation, but
may participate in the Clean Development
Management.
Although the cut seems small,
for many nations, it corresponds to
15 percent reduction in emission as
compared to the expected values for the
year 2008. However since reaching this
expected cut needs a large investment
in research, development and upgrading
the infrastructure, Annex 1 countries
can offset their contribution to the green
house gases, by supporting counter
climate change initiatives in Non-annex
1 countries. For example, an Annex 1
country like Germany can support low
emission factories in nations like India.
The framework of the protocol envisions,
that by allowing this, developed nations
will get access to sustainable development
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technologies, while the developed nations
(also the biggest producers of green house
gasses) will be able to reduce emission of
green house gasses, this system is called
the Clean Development Management
(CDM). Yet it’s not as simple as setting up
a clean technology plants in a developing
nation. Under the CDM, projects are first
assessed and approved by the Clean
Development Mechanism Executive Board
set up in Bonn, Germany, which then gives
Certified Emission Restrictions (Carbon
Credits) that can be bought by an Annex 1
nation. This creates a curious situation as
Non-Annex try to keep the price of these
credits high, while Annex1 nations try to do
the opposite.
India joined the protocol on August of
2002, but is not part of the framework. The
Indian Government feels, that cutting down
emissions is more important for developed
nations, which have been producing more
green house gases per capita, and that
reducing emission now would hamper the
county’s industrial development. Most
of the global community doesn’t agree
with this, as India and China are expected
to become the biggest contributors
to emissions in the coming years. The
protocol was agreed upon on 11 December
1997, in Kyoto, Japan and a new treaty is
expected to take its place by 2012.
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