The Kyoto Protocol is an international agreement, initially negotiated by government representatives meeting in Kyoto, Japan, in 1997, that sets targets to reduce the greenhouse gas emissions causing climate change. It requires a variety of actions by governments, including specific emission reduction requirements for industrial countries, as well as provisions to assist developing countries in limiting their emissions.
For the Protocol to “enter into force,” it must be ratified by at least 55 nations representing 55 percent of industrial-country 1990 carbon dioxide emissions. As of as of 15 April 2004, 122 countries (representing 44.2 percent of industrial country 1990 emissions) had ratified or acceded to the Kyoto Protocol, including those of the European Union, Canada, Japan, and a host of developing countries. But because the world’s largest emitter—the United States—withdrew from Kyoto, the 55 percent threshold that allows the treaty to enter into force will be crossed only if Russia ratifies the agreement.
According to many studies, enforcing the Kyoto Protocol would protect the environment, reduce air pollution, and create new jobs in industries such as energy conservation, solar energy, wind power, and hydrogen technology, all of which could become powerful growth sectors in the decades ahead.
The Kyoto Protocol, during its first phase (through 2012) is a modest, yet important first step. Perhaps its greatest contribution in the short term will be to put in place mechanisms that can be built on, such as emissions trading and the transfer of clean technologies (such as renewable energy) to the developing world. Even though it hasn’t yet entered into force, it is already spurring corporations and governments to action, from the U.S. to the E.U. to Japan, and many developing countries as well.
The Kyoto Protocol was signed by the U.S. government during the Clinton Administration in 1997. However, in March 2001, the Bush Administration withdrew its support for the agreement over concerns that the treaty would cause undue harm to the U.S. economy. The treaty requires that the U.S. cut its greenhouse gases to 7 percent below 1990 levels by 2012. The Administration claimed this put too heavy a burden on the U.S. economy, arguing that there was too much uncertainty around climate change to make the economic changes that would be necessary for such emissions reductions. The Administration also argued that the treaty does not require developing nations to curb their emissions.
The vast majority of governments, ranging from Great Britain to Japan, disagree with the Bush Administration, and believe that the Kyoto Protocol represents a moderate step that will not only be affordable, but will actually spur the market for cleaner and more energy-efficient technologies and thereby strengthen economies. Many nations are enthusiastic about the international emissions trading system that would be created by the Protocol, which ironically is an idea that originated in the United States and was adopted in response to the lobbying of the U.S. government. In addition, there is a growing sense that the costs of curbing emissions and reducing the threat of climate change will be far lower than the costs of inaction.