The controversial Kyoto protocol, which aims to cut greenhouse gas emissions, has become fully operational. The treaty became effective after a UN climate conference in the Canadian city of Montreal adopted the final rules. The 34 signatory countries - which include neither the United States nor Australia - passed the final regulatory measures by consensus at the Montreal conference
Conference chairman Stephane Dion, Canada's Environment Minister, said it was an historic step.
Under the protocol, the 34 agree to limit emissions of gases that cause global warming until 2012. The Montreal conference is trying to set out preliminary plans to cut emissions when the accord ends. The United States and Australia, which have refused to ratify the protocol to the UN framework convention on climate change, attended Wednesday's session as observers.
Kyoto was negotiated in 1997 and formally entered into force on February 16, 2005, but could not come into operation until after the formal adoption of the rulebook, which was drawn up over the past four years. The different countries have hammered out a mechanism for trading pollution rights. The final rules also eased pollution standards by allowing countries to take into account carbon dioxide produced by growing trees. A separate system setting out sanctions for those who breach the protocol should be adopted before the 12-day conference ends on December 9.
Despite the troubles hounding efforts to restrict pollution, the UN climate secretariat has hailed the new step taken at the conference and the launch of emissions trading. Richard Kinley, acting head of the UN climate change secretariat, said "Carbon now has a market value. Under the clean development mechanism, investing in projects that provide sustainable development and reduce emissions makes sound business sense." Under the mechanism, developed countries can invest in other developed countries, particularly in central and eastern Europe, to earn carbon allowances which they can use to meet their emission reduction commitments. Industrialised nations can also invest in "sustainable development projects" in developing countries to extra pollution allowances. The United States on Tuesday opposed any talk of extending Kyoto-style limits on greenhouse gas emissions.
http://www.abc.net.au/news/newsitems/200512/s1520444.htm