Agreement Of Kyoto Protocol

Recognizing that many developing countries and small island states that have contributed the least to climate change are most likely to suffer the consequences, the Paris Agreement contains a plan for developed countries – and others that “are able to do so” – to continue to provide financial resources to help developing countries mitigate and increase their resilience to climate change. The agreement builds on the financial commitments of the 2009 Copenhagen Accord, which aimed to scale public and private climate finance for developing countries to $100 billion a year by 2020. (To put that in perspective, global military spending amounted to about $1.7 trillion in 2017 alone, more than a third of which came from the United States.) The Copenhagen Pact also created the Green Climate Fund to mobilize transformative financial funds with targeted public dollars. The Paris Agreement expected the world to set a higher annual target by 2025 to build on the $100 billion target for 2020 and put in place mechanisms to achieve that scale. These targets were tailored to the relative prosperity of each country at that time and were taken into account in the context of the Burden-Sharing Agreement, which is contained in the Decision approving the Kyoto Protocol (Decision 2002/358/EC). Barker et al. (2007, p. 79) evaluated the literature on Kyoto Protocol cost estimates. [117] Due to the Non-Participation of the United States in the Kyoto Treaty, it was found that cost estimates were much lower than in the previous IPCC Progress Report. Without the participation of the United States and making full use of the flexible Kyoto mechanisms, the cost has been estimated at less than 0.05% of GDP, in accordance with Annex B.

Compared to previous estimates of 0.1 to 1.1%. In the absence of flexible mechanisms, non-US equity costs were estimated at less than 0.1%. Compared to previous estimates of 0.2 to 2%. These cost estimates were considered to be based on extensive evidence and consistency in the literature. The Kyoto Protocol is an international agreement to reduce carbon dioxide (CO2) emissions and the presence of greenhouse gases (GHGs) in the atmosphere. The main principle of the Kyoto Protocol was that industrialised countries must reduce the amount of their CO2 emissions. It is a protocol to the United Nations Framework Convention on Climate Change (UNFCCC), adopted at the Earth Summit in Rio de Janeiro in 1992, which did not set legally binding restrictions on emissions or enforcement mechanisms. Only Parties to the UNFCCC may become Parties to the Kyoto Protocol.

The Kyoto Protocol was adopted at the third meeting of the Conference of the Parties to the UNFCCC (COP 3) held in Kyoto, Japan, in 1997. The United States signed the protocol on 12 November 1998[98] under President Clinton. However, to become mandatory in the United States, the treaty had to be ratified by the Senate, which had already passed the non-binding byrd hagel resolution in 1997 that expressed disapproval of any international agreement that did not oblige developing countries to reduce their emissions and would “seriously harm the U.S. economy.”