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INTRODUCTION
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Kyoto Protocol
The effects of climate change has been well realized
and efforts have been taken up at several international
fora for a assessing information related to climate
change and formulate realistic mitigating strategies.
The United Nations Framework on Convention of Climate
Change (UNFCCC) has been formed and the Conference of
Parties (CoP) - the supreme body of the UNFCCC meets
annually to promote and implement the convention.
In this regard, the Kyoto Protocol signed in the year
1997 marks a "Water shed". The Kyoto Protocol
signed by more than 160 countries commits 38 developed
countries to reduce their overall CO2 emission
by 5% of their 1990 levels by the year 2008 - 2012.
The Kyoto Protocol is however yet to be ratified by
the individual signatories.
Mechanisms proposed under Kyoto
Protocol
Three mechanisms have been proposed under the Kyoto
Protocol for implementing and achieving this reduction
as below
- Emission Trading
- Joint Implementation
- Clean Development Mechanism (CDM)
Emission Trading
Emission Trading is an innovative market mechanism
proposed under Kyoto Protocol. The pollutant emissions
are treated as a commodity and the price of emissions
is based on the emission cap / reduction target.
Joint Implementation
The Joint implementation is another mechanism proposed
under Kyoto protocol to promote investment and implementation
of Clean Technology projects. The joint implementation
involves financial and technical co-operation between
developed countries for implementing clean technology
/ energy efficiency projects in developed countries.
Clean Development Mechanism
Clean Development Mechanism is another innovative mechanism
proposed under the Kyoto Protocol. Under this mechanism,
developed countries are permitted to meet their targets
of emission reduction by investing in certain eligible
projects in the developing countries.
This facilitates in
- Assisting developing countries to take up clean
technology and energy efficiency projects
- Developed countries in meeting their emission
reduction targets
Post Kyoto Negotiations
Subsequent to the Kyoto Protocol, negotiations have
been going on at the International levels on the modalities
and implementation of the mechanisms & implementation
strategies.
These meetings of the Conference of Parties have been
held since Kyoto. However, no conclusive decision on
the implementation of Kyoto has been agreed upon till
date. The recently held CoP at Hague in the end of the
year 2000 actually ended with a disagreement between
the US and Europe.
Europe and US could not agree on sinks, market mechanism
& compliance and commitment from the developing
countries on GHG emission. To reach an agreement, a
second round of CoP6 has been scheduled for May - June
2001 at Bonn.
The next CoP, the CoP 7 is expected to be held at "Marakkesh"
in Morocco by November 2001.
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