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The Kyoto Protocol, adopted in December 1997 and entered into force in February 2005, is an international treaty under the United Nations Framework Convention on Climate Change (UNFCCC) aimed at reducing greenhouse gas (GHG) emissions to combat global climate change. It established legally binding obligations for developed countries and economies in transition to reduce their collective GHG emissions by an average of 5.2% below 1990 levels over the first commitment period (2008–2012). The protocol recognized the principle of “common but differentiated responsibilities” (CBDR), acknowledging that developed countries have historically contributed more to global emissions and therefore should take the lead in mitigation efforts. One of the key mechanisms of the Kyoto Protocol was emissions reduction targets. Each participating developed country (Annex I countries) was assigned a specific emission reduction target relative to its 1990 baseline. The targets varied, reflecting national circumstances. For example, the European Union committed to an 8% reduction, the United States (which ultimately did not ratify) had a 7% target, and Japan committed to 6%. To help countries meet these targets cost-effectively, the protocol established three flexible market-based mechanisms. The first was Emissions Trading (also known as the “carbon market”), which allowed countries with surplus emission units—emissions permitted but not used—to sell them to countries exceeding their targets. This mechanism created a system where emissions _________ _____ __________ ____ _________ _______ ___.
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