Kyoto Protocol The Kyoto Protocol is an international agreement linked to the United Nations Framework Convention on Climate Change

that aims at reduction of Green House Gases (GHGs) and others like CFCs. The Kyoto Protocol was adopted in Kyoto, Japan, on 11 December 1997 and entered into force on 16 February 2005. Currently, there are 192 Parties (191 States and 1 regional economic integration organization) to the Kyoto Protocol to the UNFCCC. Participating countries that have ratified the Kyoto Protocol have committed to cut emissions of not only carbon dioxide, but of also other greenhouse gases, like, Methane (CH4), Nitrous oxide (N2O), Hydrofluorocarbons (HFCs), Perfluorocarbons (PFCs), and Sulphur hexafluoride (SF6). The goals of Kyoto were to see participants collectively reducing emissions of greenhouse gases by 5.2% below the emission levels of 1990. This goal is to be achieved by the year 2012. India and China, which have ratified the Kyoto protocol, are not obligated to reduce greenhouse gas production at the moment as they are developing countries; i.e. they weren't seen as the main culprits for emissions during the period of industrialization thought to be the cause for the global warming of today. The Protocol allows Annex I countries to meet their GHG emission limitations by several "flexible mechanisms", such as emissions trading, the clean development mechanism (CDM) and joint implementation which are described below: If participant countries continue with emissions above the targets, then they are required to engage in emissions trading. Emission trading allows the countries to purchase GHG emission reductions credits from other countries that do not need to reduce their GHG emissions. The Clean Development Mechanism (CDM), allows developed countries to undertake projects to reduce emissions in developing countries to generate Kyoto units. Joint Implementation (JI) allows developed countries to undertake projects to reduce emissions in other developed countries to generate Kyoto units.