Kyoto Protocol
The Kyoto Protocol is an international treaty that was adopted in Kyoto, Japan, in December 1997. It is an extension of the 1992 United Nations Framework Convention on Climate Change (UNFCCC). This commits state parties to reduce greenhouse gas emissions based on the scientific consensus that global warming is occurring, and it is highly likely that human-made CO2e emissions have predominantly caused this.
History of the Kyoto Protocol
The Kyoto Protocol was born out of the recognition that the issue of climate change needed to be addressed on a global scale. The Earth Summit in Rio de Janeiro in 1992 set the stage for international cooperation with the adoption of UNFCCC. However, it did not set binding targets for greenhouse gas emissions.
The need for targets led to adopting the Kyoto Protocol in 1997. The protocol was the result of negotiations and compromises among the participating countries, and it was a significant step forward in international efforts to combat climate change.
Key Provisions of the Kyoto Protocol
The Kyoto Protocol’s emphasis on “common but differentiated responsibilities” reflects a fundamental principle of sustainability – that of equity.
All countries have a role to play in addressing climate change; however, those who have contributed more to the problem have a greater responsibility to solve it.
The protocol sets binding targets for 37 industrialized countries and the European community to reduce greenhouse gas emissions. These targets amount to an average of five per cent against 1990 levels over the five-year period 2008-2012.
Implementation of the Kyoto Protocol
The Kyoto Protocol came into force on 16 February 2005. However, its implementation has been a complex and challenging process. The protocol provides several “flexibility mechanisms” to help countries meet emissions targets.
These mechanisms include emissions trading, the clean development mechanism, and joint implementation. These mechanisms allow countries to earn emission reduction units, which they can trade with other countries or use to meet their emissions targets.
The Kyoto Protocol and Sustainability
The Kyoto Protocol has played a crucial role in promoting sustainability. Setting binding targets for greenhouse gas emissions has encouraged countries to transition towards more renewable energy and implement reporting policies and regulations to promote emission targets and reduction.
Impact on Business
The Kyoto Protocol has had a significant impact on businesses around the world. It has created new carbon credit markets and spurred innovation in clean technologies. Many businesses have recognised the opportunities with the transition to a low-carbon economy and are taking steps to reduce their greenhouse gas emissions.
The protocol has also posed challenges for businesses because reducing emissions can entail significant costs, particularly for businesses in carbon-intensive industries.
Lessons Learned
The Kyoto Protocol has provided valuable lessons for international cooperation on climate change. It has shown the importance of setting binding targets for emissions reductions and highlighted the challenges of implementing them.
The protocol has underscored the need for flexibility in addressing climate change. Its flexibility mechanisms have allowed countries to meet their emissions targets in a way that best suits their individual circumstances.