Abstract
One of the most current pressing environmental problems threatening the well-being and survival of the global community is climate change. The change in the Earth's climate is believed to be caused by human-induced activities such as the several decades of uncontrolled emissions of greenhouse gases. There is now a universal consensus that climate change is a global problem that needs urgent global attention and response. The need to compel a paradigm shift in the emissions of several gases accountable for global warming with the resultant effect of climate change led to the negotiation of an international agreement known as the Kyoto Protocol. The Kyoto Protocol commits industrialized nations and nations with economies in transition to reduce their greenhouse gas emissions and achieve their reductions targets. To achieve its aim, the Kyoto Protocol initiated three innovative market-based mechanisms, now known as the carbon market, designed to help Parties meet their national greenhouse emissions reduction targets. This paper reviews the market-based mechanisms (Carbon Market) of the Kyoto Protocol to the United Nations Framework Convention on Climate Change to ascertain whether the Kyoto Protocol has achieved significant global greenhouse gas emissions reduction through its carbon market. The paper also examines the compliance mechanism, the successes, and failures of the Kyoto Protocol. The paper concludes with a recommendation that both the developed and developing countries must be involved in greenhouse gas emissions reduction if any significant global greenhouse gas emissions reduction is to be achieved. Keywords: Kyoto Protocol, Kyoto Protocol market-based mechanisms, Kyoto compliance mechanism, Kyoto Protocol successes, Kyoto Protocol failures. DOI: 10.7176/IAGS/86-03 Publication date: September 30 th 2020
Highlights
Among the most severe environmental challenges that the world is facing is climate change
The Clean Development Mechanism (CDM) projects, generate Certified Emission Reductions (CER)-carbon credits that can be applied by Annex I countries for compliance with their Kyoto targets in addition to their assigned amount units (AAUs)
The Kyoto Protocol entails that a Party must meet six specific criteria to be eligible to participate in the Kyoto mechanisms
Summary
Among the most severe environmental challenges that the world is facing is climate change. The CDM projects, generate Certified Emission Reductions (CER)-carbon credits that can be applied by Annex I countries for compliance with their Kyoto targets in addition to their AAUs. In other words, under this mechanism, Annex I Parties might meet up part of their QELRCs by investing in sustainable development contributing projects in non-Annex I Parties. Parties may exchange assigned amount units (AAUs), CERs and ERUs, as well as removal units (RMUs) generated through sink activities in the land-use, land-use change, and forestry (LULUCF) sector Each of these units equates to one tonne of carbon dioxide equivalent (calculated using the Global Warming Potential index), and each unit will have a unique, traceable serial number. JI has two 'tracks' of project application approval: Track 1, in which the Hosting Party makes verification, and Track 2, in which verification is the duty of the Joint Implementation Supervisory Committee, accountable to the countries that have ratified the Kyoto Protocol.[10]
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