The Kyoto Protocol is an international agreement linked to the United Nations Framework Convention on Climate Change. The major feature of the Kyoto Protocol is that it sets bindingÂ targets for 37 industrialized countries and the European community for reducingÂ greenhouse gas (GHG) emissions .These amount to an average of five per centÂ against 1990 levels over the
The Kyoto Protocol is an international agreement linked to the United Nations Framework Convention on Climate Change.
The major feature of the Kyoto Protocol is that it sets bindingÂ targets for 37 industrialized countries and the European community for reducingÂ greenhouse gas (GHG) emissions .These amount to an average of five per centÂ against 1990 levels over the five-year period 2008-2012.
The major distinction between theÂ Protocol and the Convention is that while the Convention encouragedÂ industrialized countries to stabilize GHG emissions, the Protocol commits themÂ to do so.
Recognizing that developedÂ countries are principally responsible for the current high levels of GHGÂ emissions in the atmosphere as a result of more than 150 years of industrialÂ activity, the Protocol places a heavier burden on developed nations under theÂ principle of â€œcommon but differentiated responsibilities.â€
The Kyoto Protocol was adopted in Kyoto, Japan,Â on 11 December 1997 and entered into force on 16 February 2005. 184 Parties ofÂ the Convention have ratified its Protocol to date. The detailed rules for theÂ implementation of the Protocol were adopted at COP 7 in Marrakesh in 2001, and are called theÂ â€œMarrakesh Accords.â€
The Kyoto ProtocolÂ is designed as a tool that will encourage countries to behave more responsiblyÂ manner towards the environment and the future of our planet. It is of greatÂ importance to adopt strategies, on a state level, that will ensure
environmentally friendly and energy secure future for all citizens.
In the current situation,Â Bosnia and Herzegovina lacks of visions and environmental responsibilitiesÂ which represents a big problem for the sustainable development of the state. However,Â the current situation should not be an obstacle for individuals and companiesÂ in BiH, rather, to start working on implementing international standards in theÂ field of environmental protection. This issue is rapidly gaining in importanceÂ in BiH through the activities of various NGOs that are trying to increase
general environmental awareness. The fact that Bosnia and Herzegovina uses itsÂ resources inefficiently (particularly energy) should alert both consumers andÂ legislators, because wasting resources leads the country to significantÂ impoverishment.
The Kyoto mechanisms
Under the Treaty, countries mustÂ meet their targets primarily through national measures. However, the KyotoÂ Protocol offers them an additional means of meeting their targets by way ofÂ three market-based mechanisms.
The Kyoto mechanisms are:
â€¢Â Â Â Â Â Â Â Emissions trading â€“ known as â€œthe carbonÂ market”Â
â€¢Â Â Â Â Â Â Â Clean development mechanism (CDM)
â€¢Â Â Â Â Â Â Â Joint implementation (JI).
The mechanisms help stimulateÂ green investment and help Parties meet their emission targets in a cost-effectiveÂ way.
GreenhouseÂ Gas Emissions â€“ A New Commodity
Parties with commitments under theÂ Kyoto Protocol (Annex B Parties) have accepted targets for limiting or reducingÂ emissions. These targets are expressed as levels of allowed emissions, orÂ â€œassigned amounts,â€ over the 2008-2012 commitment period. The allowed emissionsÂ are divided into â€œassigned amount unitsâ€ (AAUs).
Emissions trading, as set out inÂ Article 17 of the Kyoto Protocol, allows countries that have emission units toÂ spare – emissions permitted them but not “used” – to sell this excessÂ capacity to countries that are over their targets.
Thus, a new commodity was createdÂ in the form of emission reductions or removals. Since carbon dioxide is theÂ principal greenhouse gas, people speak simply of trading in carbon. Carbon isÂ now tracked and traded like any other commodity. This is known as theÂ “carbon market.”
JointÂ Implementation (JI)
The mechanism known as â€œjointÂ implementation,â€ defined in Article 6 of the Kyoto Protocol, allows a countryÂ with an emission reduction or limitation commitment under the Kyoto ProtocolÂ (Annex B Party) to earn emission reduction units (ERUs) from an emission-reductionÂ or emission removal project in another Annex B Party, each equivalent to oneÂ tonne of CO2, which can be counted towards meeting its Kyoto target.
Joint implementation offersÂ Parties a flexible and cost-efficient means of fulfilling a part of their Kyoto commitments, while
the host Party benefits from foreign investment and technology transfer.
Clean Development MechanismÂ (CDM)Â
The Clean Development MechanismÂ (CDM), defined in Article 12 of the Protocol, allows a country with anÂ emission-reduction or emission-limitation commitment under the Kyoto ProtocolÂ (Annex B Party) to implement an emission-reduction project in developingÂ countries. Such projects can earn saleable certified emission reduction (CER)Â credits, each equivalent to one tonne of CO2, which can be counted towardsÂ meeting KyotoÂ targets.
The mechanism is seen by many as aÂ trailblazer. It is the first global, environmental investment and credit schemeÂ of its kind, providing a standardized emissions offset instrument, CERs.
A CDM project activity mightÂ involve, for example, a rural electrification project using solar panels or theÂ installation of more energy-efficient boilers.
The mechanism stimulatesÂ sustainable development and emission reductions, while giving industrializedÂ countries some flexibility in how they meet their emission reduction orÂ limitation targets.