By 2008-2012, Annex I countries have to reduce their greenhouse gas emissions
by a collective average of 5% below their 1990 levels. Kyoto includes "flexible
mechanisms" which allow Annex I economies to meet their greenhouse gas
emission limitation by purchasing GHG emission reductions from elsewhere.
Kyoto established this Bonn-based Clean Development Mechanism Executive Board to assess and approve projects in Non-Annex I economies prior to awarding CERs .
The Provisions of The Kyoto Protocol
The 1997 Kyoto Protocol shares the Convention’s objective, principles
and institutions, but significantly strengthens the Convention by committing
Annex I Parties to individual, legally-binding targets to limit or reduce
their greenhouse gas emissions. Only Parties to the Convention that have also
become Parties to the Protocol will be bound by the Protocol’s commitments.
175 Parties have ratified the Protocol to date. Of these, 36 countries and the EEC are required to reduce greenhouse gas emissions below levels specified for each of them in the treaty.
The individual targets for Annex I Parties are listed in the Kyoto Protocol’s Annex B. These add up to a total cut in greenhouse-gas emissions of at least 5% from 1990 levels in the commitment period 2008-2012.
Major Provisions of the Kyoto Protocol
1. Emissions Reductions
2. Developing Country Responsibilities
3. Emissions Trading and Joint Implementation