11 December 1997 – following the earlier establishment of the United Nations Framework Convention on Climate Change, the Kyoto Protocol was adopted, committing industrialized nations to stabilize GHG emissions.

Under the Kyoto Protocol, developed nations have the heavier burden and although their priority is to reduce emissions domestically, flexible mechanisms have been created to encourage this activity on a global scale.

All participating nations are obliged to track and record national emissions which are to be referenced against the secretariat’s International Transaction Log (ITL).

Key Highlights

• Currently ratified by 176 Countries
  
• 36 industrialised nations and EU have committed to reduce emissions by 5% on average below 1990 levels in the 5 years 2008-2012
• CDM registry has almost 1000 projects registered with another 2000 in the pipeline
• Estimated value of CDM emissions reductions by 2012 stands at 2.6 Billion tCO2e
• Adaptation Fund established to fund projects helping developing nations to adapt to effects of climate change
• 2 out of 3 coutnries are currently behind in meeting their Kyoto obligations