
| UNFCCC – 55 days to the 15th Conference of the Parties in Copenhagen, 7-18 December |
UNFCCC
The UNFCCC does not lay down any binding limits of reduction, but divides the signatories to the convention in to three categories each category agreeing to reduce their emissions of greenhouse gas a certain amount. First category of industrialized countries, so called Annex I countries, agree to reduce their emissions of greenhouse gasses to targets that are mainly set below their 1990 levels. These countries are Australia, Austria, Belarus, Belgium, Bulgaria, Canada, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, UK and USA. Annex II countries, developed countries that are to pay for the costs of developing countries for their efforts to reduce greenhouse gasses, are Australia, Austria, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, UK, USA and the European Union. Finally, in the Annex III are developing countries and countries with economy in a transition. Today, the UNFCCC enjoys near-universal membership having 192 signatory members. The members meet annually in Conferences of the Parties (COP), in which they assess progress and negotiate binding rules on greenhouse gas emissions. One of the most significant COPs has been the COP-3 in 1997 in Kyoto, Japan, where the so called Kyoto Protocol, the legally binding protocol on emission reduction, was adopted. Kyoto Protocol
The first mechanism introduced in the Kyoto Protocol is the Emissions Trading. Emissions trading, as set out in Article 17 of the Kyoto Protocol, allows countries that have emission units to spare - emissions permitted them but not "used" - to sell this excess capacity to countries that are over their targets. This scheme is in use for example in the European Union and is one of the largest trading schemes in operation. Second mechanism provided by the Kyoto Protocol is the Clean Development Mechanism (CDM), defined in Article 12 of the Protocol. The CDM is a purchase system where saleable certified emission reduction (CER) credits can be earned by implementing an emission-reduction project in developing countries. This is a unique global environmental investment system and there exists now 1849 registered CDM project activities. Third mechanism is so called „joint implementation” ,defined in Article 6 of the Kyoto Protocol. The „joint implementation“ allows an Annex II country to earn emission reduction units (ERUs) from an emission-reduction or emission removal project in another Annex II country through a flexible and cost-efficient foreign investment and technology transfer system. The Kyoto Protocol entered into force on 16 February 2005 and has today been ratified by 184 countries. COP 15 – Copenhagen, 7-18 December
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