Kyoto Protocol against global temperatures comes into force today

Kyoto Protocol against global temperatures comes into force today

Today the landmark Kyoto Protocol comes into force whereby 141 countries will do their best to stop a rise in global temperatures. The Kyoto protocol was agreed by governments at a 1997 U.N. conference in Kyoto, Japan to reduce the amount of greenhouse gases emitted by developed countries by 5.2% of 1990 levels. These efforts will take place during a five-year period of 2008-2012. If countries miss their targets in 2012 then they will have to make both the promised cuts plus 30% more in the second period starting in 2013. There are no financial penalties attached to the enforcement of the protocol. While 141 nations have ratified the Kyoto Protocol, two of the world’s fastest growing economies, India and China, have not even signed it. Furthermore, there are several conspicuous absentees among the list of countries that have ratified the agreement. In 1997, the United States, then under President Bill Clinton, signed the Kyoto Protocol; however, the US Senate refused to ratify the treaty. In 2001, President George W. Bush withdrew the US from the agreement, saying that abiding by Kyoto would cost the US millions of jobs. Australia is another prominent signatory that refuses to ratify the protocol. Countries around the world will be planning various events to be held today to mark the entry of the Kyoto Protocol. It comes into force at 0500 GMT. In Japan, there will be a commemorative symposium and global video conference to celebrate. The events will take place in the city of Kyoto. Numerous speakers including Secretary-General Kofi Annan, United Nations for Climate Change Convention (UNFCCC) Executive Secretary Joke Waller-Hunter, Nobel Peace Prize winner, Ms. Wangari Maathai will be among those speaking in the global video, called “Kyoto Relay of Messages”. The entry into force of the Kyoto Protocol will also be marked in other cities around the world. In Brussels, the occasion will be celebrated by members of the European Parliament and by the European Commission. The Kyoto Protocol’s entry into force means that from 16 February 2005: 1) Thirty-five industrialized countries and the European Community are legally bound to reduce their combined emissions of six major greenhouse gases during the five-year period 2008-2012 to below 1990 levels. 2) 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) gets a major boost. The CDM encourages investments in developing-country projects that promote sustainable development while limiting emissions. 4) The Protocol’s Adaptation Fund, established in 2001, can become operational to assist developing countries to cope with the negative effects of climate change. Countries who have signed the framework, such as Japan say it will be a difficult road. Japan’s trade and industry ministry said 11 of its 30 industries could fail to meet their self-imposed targets of slashing emissions by 6%. Industry also says it is scared that a push to cut pollution will set back their economic recovery. Japan’s Ministry of Economy, Trade and Industry said in a study this month that its emissions were rising as the economy expands from a 10-year slump.