Agreements Of Kyoto Protocol
Under the GIS, a party to the protocol that expects that the development of its economy will not exhaust its Kyoto quota can sell the surplus of its Kyoto quota units (AAUs) to another party. The proceeds from the sale of UQA should be “green”, i.e. dedicated to the development and implementation of projects, either the reduction of greenhouse gas emissions (hard greening) or the establishment of the necessary framework for this process (soft greening). 25 The Kyoto Protocol was adopted as a first complement to the United Nations Framework Convention on Climate Change (UNFCCC), an international treaty that committed its signatories to develop national programmes to reduce greenhouse gas emissions. Greenhouse gases such as carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (PFC), hydrofluorocarbons (HFCs) and Sulphur hexafluoride (SF6) influence the energy balance of the world`s atmosphere in a way that should lead to an overall increase in the average temperature of the planet known as global warming (see also the greenhouse effect). According to the Intergovernmental Panel on Climate Change established in 1988 by the United Nations Environment Programme and the World Meteorological Organization, the long-term effects of global warming would include a general rise in sea level around the world, resulting in the flooding of deep coastal areas and the eventual disappearance of some island states; melting glaciers, sea ice and arctic permafrost; an increase in the number of extreme weather events, such as floods and droughts, and changes in their distribution; and an increased risk of extinction for 20-30% of all plant and animal species. The Kyoto Protocol imposed binding emission reduction targets on most UNFCCC signatories through Schedule I (including members of the Organisation for Economic Co-operation and Development and several countries with “transformational economies”), binding emission reduction targets that vary according to the particular circumstances of each country. Other signatories to the UNFCCC and the protocol, composed mainly of developing countries, were not required to limit their emissions. The protocol came into force in February 2005, 90 days after its ratification by at least 55 Annex I signatories who together accounted for at least 55% of total carbon dioxide emissions in 1990. November 18, 2004 – The Russian Federation ratifies the protocol. COP7 took place in Marrakech from 29 October 2001 to 9 November 2001 to define the final terms of the protocol.