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As the Kyoto protocol comes into force will a new market in carbon emissions be effective?

Kyoto’s clout

The Kyoto protocol became legally binding on 16 February 2005. Member countries have target emissions quotas for six greenhouse gases, each gas being measured as a CO₂ equivalent. These quotas are distributed in each member country’s industries. If a member country emits more than their quota, they will be fined. The US, responsible for 36 per cent of the industrial world’s emissions, did not ratify the protocol, nor did Australia.

Dirty dealing

To help meet their objectives, EU countries have set up a market to trade their emissions quotas. If a country cuts emissions by more than its target, the ’spare’ emissions can be used as ’credits’. These credits can be traded with countries that fail to meet their targets.

Developing good practice

Carbon trading might encourage developing countries to use green technology in their burgeoning industries. If a developed country helps a developing country to install energy saving technology, the developed country can claim a cut of the resulting carbon credits.