Carbon Credits and Kyoto Protocol

Carbon Credits and Kyoto Protocol

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Concern for the environment led the United Nations countries to sign an agreement stipulating control over human interventions in the climate.

This agreement was born in December 1997 with the signing of the Kyoto Protocol. Thus, the Kyoto Protocol mandates that developed countries that have signed the agreement reduce their emissions of gaces of anddone andstufa (GHG) 5.2% on average for the amount of gas emitted by countries in 1990 between 2008 and 2012.

For developing countries, such as the Brazil, the Protocol does not provide for commitments on GHG reductions. The main role of developing countries is to reduce emissions from clean energy sources and act as a carbon dioxide (CO) sink.2) through the forests. The entry into force of the Protocol has been possible due to the ratification of at least 55 parts of the Convention, and the parts of Annex 1 that have ratified it represent at least 55% of total CO2 in 1990.

In Brazil the Kyoto Protocol was ratified on June 19, 2002 and was sanctioned by President Fernando Henrique Cardoso on July 23 of the same year.

But the main problem that countries saw in adhering to the Kyoto Protocol is that to reduce their GHG emissions would have to slow down their industries, thus bringing economic losses to the country.

In order not to compromise the economies of the countries, the protocol established that part of this GHG reduction could be made through negotiation with nations through relaxation mechanisms.

Annex I countries are those that have reduction targets relative to the Kyoto Protocol. They are divided into two subgroups:

  • Those countries that need to reduce their emissions and therefore can become buyers of credits from flexibilization mechanisms., such as Germany, Japan, Netherlands, Austria, Australia, Belgium, Canada, Denmark, Spain, Iceland, France, Greece, Ireland, Italy, Norway, New Zealand, Netherlands, Portugal, United Kingdom, Sweden, Switzerland, Turkey, European Union.
  • Countries that are in economic transition (former Soviet bloc) and therefore may host joint implementation projects, such as Ukraine, Russia, Romania, Poland, Lithuania, Latvia, Hungary, Czech Republic, Russia, Estonia, Slovakia, Croatia, Bulgaria, and Belarus.