Edited by Stephen Tully
Chapter 58: UN: Kyoto Protocol to the UN Framework Convention on Climate Change, 1997
Commentary: Commercial roles under the Kyoto Protocol (37 ILM 22 (1998), entry into force 2005) are not limited to technology transfer. The private sector can participate within three ‘flexibility mechanisms’. First, international emissions trading under Article 17 allows Annex I Parties (developed States) to buy or sell assigned emission amounts with other Annex I Parties. Second, Annex I Parties may acquire carbon credits (credits for emissions avoided or emission reduction units) by investing in projects within Annex 1 States (joint implementation arising under Articles 3, 4 & 6). Third, Annex 1 Parties may acquire certified emissions reductions by investing within non-Annex 1 Parties (developing States) in projects leading to ‘real, measurable and long-term’ greenhouse gas reductions through the clean development mechanism of Article 12. In addition to the provisions below, Articles 7 and 8 contemplate a compliance procedure and periodical review pursuant to Article 9 ‘in the light of the best available scientific information and assessments on climate change and its impacts, as well as relevant technical, social and economic information’. Article 11 envisages developed country Parties providing financial resources to developing country Parties for technology transfer purposes. Article 15 provides for a Subsidiary Body for Scientific and Technological Advice and a Subsidiary Body for Implementation. Annex A identifies several greenhouse gases, energy sources, industrial processes, agricultural techniques and waste. Annex B contains a list of the Party Quantified emission limitation or reduction commitment. Of the decisions adopted at Marrakech during 2001, see in particular those concerning technology transfer (Decision 4/CP.7)...
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