Kyoto Protocol
A framework produced in 1997 at the UN Convention on Climate Change that originally bound 37 industrialised countries and Europe to reducing their Greenhouse emissions to a target level.
The protocol did not become legal until 2005 and the targets, averaging a reduction of 5%, refer to the five year period between 2008 and 2012. So far 184 parties have ratified the protocol, but it still suffers from the absence of the United States, one of the greatest polluters in the world. The targets produced are more burdensome for developed countries as it is these that have polluted over a longer timescale. Countries are encouraged to reach their targets via national methods, but there are three market-based mechanisms offered in addition: Emissions Trading, Clean Development and Joint Implementation.
For more information, visit:
http://en.wikipedia.org/wiki/Kyoto_protocol
