16th of february

  1. 513 Posts.
    Good evening PHY holders,
    I would think this date could be an interesting day for PHY. If I was a betting man, I would be watching this date. The Kyoto Protocol will become legally binding on its 128 Parties on 16 February 2005. Any thoughts?

    The Protocol’s entry into force means that from 16 February 2005:

    1) Thirty industrialised countries will be legally bound to meet quantitative targets for reducing or limiting their greenhouse gas emissions.

    2) The international carbon trading market will become a legal and practical reality. The Protocol’s "emissions trading" regime enables industrialized countries to buy and sell emissions credits amongst themselves; this market-based approach will improve the efficiency and cost-effectiveness of emissions cuts.

    3) The Clean Development Mechanism (CDM) will move from an early implementation phase to full operations. The CDM will encourage investments in developing-country projects that limit emissions while promoting sustainable development.

    4) The Protocol’s Adaptation Fund, established in 2001, will start preparing itself for assisting developing countries to cope with the negative effects of climate change.

    Under the Kyoto Protocol, industrialized countries are to reduce their combined emissions of six major greenhouse gases during the five-year period 2008-2012 to below 1990 levels. The European Union, for example, is to cut its combined emissions by eight percent, while Japan should reduce emissions by six percent. For many countries, achieving the Kyoto targets will be a major challenge that will require new policies and new approaches.

    Only four industrialised countries have not yet ratified the Kyoto Protocol: they are Australia, Liechtenstein, Monaco and the United States. Australia and the United States have stated that they do not plan to do so; together they account for over one third of the greenhouse gases emitted by the industrialised world.


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