The Kyoto Protocol requires 35 industrialized countries and the European Community to reduce greenhouse emissions by an average of 5 per cent below 1990 levels in its first commitment period between 2008 and 2012.
Despite the emission growth in some countries in the latest period 2000-2004, the Parties stand a good chance of meeting individual emissions reduction commitments if they speedily apply the additional domestic mitigation measures they are planning and use the Kyoto Protocol's market-based flexibility mechanisms.
One promising option for meeting the targets is the use of the clean development mechanism (CDM), allowing industrialized countries to invest in sustainable development projects that reduce emissions in developing countries and thereby generate tradable emission credits.
“We are looking forward to emissions trading between all countries with emission targets under the Kyoto Protocol when the first commitment period starts in 2008,” Mr. de Boer said.
“At the same time, it is clear that further global action on climate change is urgently needed to generate significant investment flows into clean technology, making use of existing and new market mechanisms.”
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