- Overview
- The Basic Science
- Effects of Climate Change
- Uncertain Future
- Global Initiatives
Global Initiatives
Kyoto Protocol:
The Kyoto Protocol is an agreement made under the United Nations Framework Convention on Climate Change (UNFCCC). Countries that ratify the protocol commit to reduce their emissions of carbon dioxide and five other greenhouse gases by an average of 5.4% below 1990 levels between 2008 and 2012.
More than 160 countries globally and over 55% of global greenhouse gas (GHG) emissions are now covered by the Kyoto Protocol. Countries are separated into two general categories:
- Developed countries, referred to as Annex 1 countries, which have accepted GHG emission reduction obligations and must submit an annual greenhouse gas inventory.
- Developing countries, referred to as Non-Annex 1 countries, which have no GHG emission reduction obligations.
Countries who fail to meet their specific targets as allocated by the Kyoto protocol have a number of options whereby they can purchase GHG reductions elsewhere. Typically, they will purchase credits directly from another party with excess allowances (such as through the EU Emission Trading Scheme) or by purchasing credits generated from a Clean Development Mechanism or Joint Implementation (JI) project.
EU Emission Trading Scheme (EU ETS)
The EU ETS is the most advanced emission trading scheme in the world. The mechanism allows facilities with emission targets to purchase shortfalls in their emission allowances from facilities with an excess of allowances.
Clean Development Mechanism (CDM)
CDM involves the development of projects that reduce levels of emissions compared to what they would have been previously. Under the CDM, projects are hosted by developing countries (non-Annex 1) with investment or support from companies and Governments in Annex 1 countries. A project that reduces its emissions can claim credits for every tonne of Carbon Dioxide equivalent saved. These credits can then be sold to companies or Governments in Annex 1 countries.
Joint Implementation (JI)
JI enables Annex 1 countries or entities in meeting their targets through development of projects in other Annex 1 countries. As the host country also has a target under the Kyoto Protocol (unlike CDM host countries), a JI project must reduce emissions against a 'business as usual' baseline, in order to free up carbon credits to sell.
European Union
The European Union has ratified the Kyoto Protocol. The EU produces around 22% of global greenhouse gas emissions, and has agreed to a cut by 8% from 1990 emission levels. In December, 2002, the EU created an emissions trading system in an effort to meet these tough targets. Quotas were introduced in six key industries: energy, steel, cement, glass, brick making, and paper/cardboard. There are also fines for member nations that fail to meet their obligations, starting at €40/ton of carbon dioxide in 2005, and rising to €100/ton in 2008.
United States of America
The United States is the largest single emitter of carbon dioxide from the burning of fossil fuels. The United States, although a signatory to the Kyoto Protocol, has neither ratified nor withdrawn from the Protocol. The signature alone is symbolic, as the Kyoto Protocol is non-binding on the United States unless ratified. The current President, George W. Bush, has indicated that he does not intend to submit the treaty for ratification, not because he does not support the Kyoto principles, but because of the exemption granted to China (the world's second largest emitter of carbon dioxide). Bush also opposes the treaty because of the strain he believes the treaty would put on the economy. Despite its refusal to submit the protocol to Congress for ratification, the Bush Administration has taken some actions towards mitigation of climate change. The United States has signed the Asia Pacific Partnership on Clean Development and Climate, a pact that allows those countries to set their goals for reducing greenhouse gas emissions individually. Supporters of the pact see it as complementing the Kyoto Protocol while being more flexible, but critics have said the pact will be ineffective without any enforcement measures.
At state level, eight Northeastern US states are involved in the Regional Greenhouse Gas Initiative (RGGI), which is a state level emissions capping and trading program. It is believed that the state-level program will indirectly apply pressure on the federal government by demonstrating that reductions can be achieved without being a signatory of the Kyoto Protocol. Also, California has committed to reduce its greenhouse-gas emissions, which rank at 12th-largest in the world, by 25 percent by the year 2020. This puts California in line with the Kyoto initiative.
