Kyoto Protocol

The Kyoto Protocol is an amendment to the United Nations Framework Convention on Climate Change (UNFCCC). 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 is an agreement where industrialised countries will reduce their collective emissions of greenhouse gases by 5.2% compared to the year 1990 by 2010 (but note that, compared to the emissions levels that would be expected by 2010 without the Protocol, this target represents a 29% cut).

The goal is to lower overall emissions from six greenhouse gases - carbon dioxide, methane, nitrogen oxides, sulfur hexafluoride, hydrofluorocarbons (HFCs), and perfluorocarbons (PFCs).

National targets range from 8% reductions for the European Union and some others to 7% for the US, 6% for Japan, 0% for Russia, and permitted increases of 8% for Australia and 10% for Iceland.

Economist Dr Peter Bacon predicts EU fines of €1,450 million in 2008, rising to €4,304 million in 2012 through the EU failing to meet its Kyoto target of reducing emissions by 8% below 1990 emission levels.

Ireland and the United Kingdom have committed to reduce their CO2 emissions to 13% above 1990 levels and 12.5% below 1990 levels by 2012 respectively.

The US has not ratified the treaty and the protocol is non-binding over the United States until ratified. Nine north-eastern states and in California, Republican Governor Arnold Schwarzenegger, along with 187 mayors from US towns and cities, have pledged to adopt Kyoto style legal limits on greenhouse gas emissions.