It explains the coverage of Kyoto Protocol and discusses a paper on Carbon Market.

2. KYOTO
PROTOCOL

3. TOPIC OUTLINE
 Introduction to Kyoto Protocol
 Description of the extent of the problem and the parties
involved;
 Analysis of the policy prescriptions in relation to the
present-day condition;
 Conclusions and recommendations (based on the analysis)
 References

4. INTRODUCTION TO KYOTO PROTOCOL
Kyoto Protocol is an international treaty to reduce
greenhouse gas emissions. Kyoto Protocol applies to
6 greenhouse gases; carbon dioxide, methane,
nitrous oxide, hydrofluorocarbons, perfluorocarbons,
and sulfur hexafluoride. It is an extension to the 1992
UNFCCC.

5. INTRODUCTION TO KYOTO PROTOCOL
The protocol’s first commitment period started in
2008 and ended in 2012. 36 countries had
participated in the first commitment period. 9
countries opted for flexibility mechanisms since their
national emissions were greater than their targets.
Hence these countries funded emissions reductions
in other countries.

6. INTRODUCTION TO KYOTO PROTOCOL
When and where was it adopted?
It was adopted in Kyoto, Japan on 11 December 1997.
When did Kyoto Protocol come into force?
Kyoto Protocol came into force on 16 February 2005.
How many countries are signatories of the Kyoto Protocol?
84 countries are signatories of the Kyoto Protocol.
How many countries are parties to the Kyoto Protocol?
192 countries are parties to the Kyoto Protocol.

7. INTRODUCTION TO KYOTO PROTOCOL
The Kyoto Protocol operationalizes the United Nations
Framework Convention on Climate Change by committing
industrialized countries and economies in transition to limit
and reduce greenhouse gases (GHG) emissions in
accordance with agreed individual targets. The Convention
itself only asks those countries to adopt policies and
measures on mitigation and to report periodically.

8. INTRODUCTION TO KYOTO PROTOCOL
 What is the Doha Amendment to Kyoto Protocol?
After the first commitment period of the Kyoto Protocol ended, an
amendment was carried out to the Kyoto Protocol. This
amendment talks about emission reduction targets for the
second commitment period. The 2nd commitment period ranges
from 2012-2020.

9. INTRODUCTION TO KYOTO PROTOCOL

10. KYOTO MECHANISM
One important element of the Kyoto Protocol was the
establishment of flexible market mechanisms, which are
based on the trade of emissions permits. Under the
Protocol, countries must meet their targets primarily
through national measures. However, the Protocol also
offers them an additional means to meet their targets by
way of three market-based mechanisms:
• International Emissions Trading
• Clean Development Mechanism (CDM)
• Joint implementation (JI)

11. CARBON EMISSION SCHEME 'SUCCEEDING IN SPITE OF LOW
PRICES'

12. CARBON EMISSION SCHEME 'SUCCEEDING IN SPITE OF LOW
PRICES'
 Background
International carbon markets are an appealing and increasingly popular
tool to regulate carbon emissions.
Among such institutions, the European Union’s Emissions Trading System
(EU ETS) stands out as the most ambitious attempt to date to reduce
carbon emissions. .

13. CARBON EMISSION SCHEME 'SUCCEEDING IN SPITE OF LOW
PRICES'
 Aim
Researchers draw on sectoral emissions data to answer whether carbon
markets are effective in international settings, which are more difficult to
regulate than domestic issues. They assess the effectiveness of the EU ETS
with the help of a statistical technique.

14. CARBON EMISSION SCHEME 'SUCCEEDING IN SPITE OF LOW
PRICES'

15. CARBON EMISSION SCHEME 'SUCCEEDING IN SPITE OF LOW
PRICES'

16. CARBON EMISSION SCHEME 'SUCCEEDING IN SPITE OF LOW
PRICES'

17. CARBON EMISSION SCHEME 'SUCCEEDING IN SPITE OF LOW
PRICES'
 More and more governments around the world have been adopting carbon
markets to regulate GHG emissions. China is in the midst of rolling out a
national emissions trading scheme, which is expected to be operational by
2020 at the earliest. Many more states have announced the use of carbon
markets in their commitments under the 2015 Paris Agreement on Climate
Change. Despite the spread of carbon markets as the primary policy
instrument to fight climate change, the empirical evidence to justify this
global diffusion is mixed at best.

18. CARBON EMISSION SCHEME 'SUCCEEDING IN SPITE OF LOW
PRICES'
 Speaking to current debates about the inclusion of additional sectors, such as
transport or housing, and the need for active price management, the main
takeaway message from this research is that carbon markets can work even
when prices are low. For this to be true, however, strong political commitment
to continued carbon regulation in the future and increased scarcity in markets
is needed. Absent such political will, low prices will do little to decarbonize
regulated economies.

19. REFERENCES
 Bayer, P., & Aklin, M. (2020). The European Union Emissions Trading System reduced CO2 emissions despite low
prices. Proceedings of the National Academy of Sciences, 201918128. doi:10.1073/pnas.1918128117

 Kim Y, Tanaka K, Matsuoka S (2020) Environmental and economic effectiveness of the Kyoto Protocol. PLoS
ONE 15(7): e0236299. doi:10.1371/journal.pone.0236299