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Nature has been impacted a lot since humans started their advent of innovations and inventions. As technology, modernisation, and industrialisation progress, nature is at the brink of grave exploitation. We are already witnessing most of the consequences. The climate changes, acid rains, untimely monsoons, and many more natural calamities stand as testaments for how nature is already showing symptoms of illness caused by man. One such impact is the increase in the greenhouse effect.
As an initiative to combat the increase in greenhouse gas emissions, the Kyoto Protocol was signed by several countries in 1997. There are several other secondary causes for the Kyoto Protocol to be signed. However, it focuses mainly on the reduction of greenhouse gas emissions. The Kyoto Protocol has also curated cost-effective projects for the reduction of emissions through an international emission trading policy.
Knowing the Kyoto Protocol is important to understanding the international emission trading policy. This policy works as an essential commodity and is also very cost-effective. All its features will be discussed in detail here.
What Is the Kyoto Protocol?
The Kyoto Protocol is a global treaty followed in 1997 in Kyoto, Japan. This treaty binds and requires the nations to lessen greenhouse gas emissions. This treaty is an expansion of the UNFCCC or the United Nations Framework Convention on Climate Change. The principal goal of the Kyoto Protocol is to lower global warming by aiming to reduce greenhouse gas.
The Protocol believed in self projects by nations for reducing the emission. It fostered that the nations are personally able to prevent weather change. The different economic and technological elements can contribute to the countries’ plans. The countries can understand their resources and plan the project to reduce emissions. The Protocol has emphasised that advanced nations lessen their emission. It is assumed that those advanced nations are historically responsible for extra emissions.
The Kyoto Protocol conducts strategic and periodic meetings or rounds of discussions. In these periodic rounds, the Protocol stresses the progress of nations in decreasing emission levels. Further, with the development known, it attempts to deduce the next step in controlling the emission to rejuvenate earth and expand quality lifestyle.
The Kyoto Protocol prominently works for the reduction of human-emitted gas termed greenhouse gas. To date, there are seven dangerous greenhouse gases that the Protocol is focusing on to decrease its emission level. These are carbon dioxide, nitrous oxide, methane, hydrofluorocarbons, perfluorocarbons, sulphur hexafluoride and nitrogen trifluoride.
The Kyoto protocol has three flexible emission mechanisms among the international emission trading. This particular mechanism provides a plethora of opportunities for the signed countries to reduce greenhouse emissions jointly.
What Is International Emission Trading?
The policy or the mechanism for international emission trading is mentioned in Article 17 of the Kyoto Protocol. According to this concerning article, countries with spare emission units above their targets can trade them with other countries to reduce the emission levels. In this way, a balance is being formed for the greenhouse emission. All the countries will reach their designated goals to reduce emissions.
The catch in this mechanism is that the sale of emission units is limited. The limit to sell the emission unit is already set by the Kyoto committee’s commission period reserve or CPR. This international emission trading works as an efficient commodity for the countries to have cost-effective emission control. The sale is a kind of economic incentive to the countries to reduce greenhouse emissions.
Since the progress of the Kyoto Protocol, various countries have come forward with the emission trading program. The countries that have been a part of this trading are Switzerland, European Union, South Korea, New Zealand and Kazakhstan. Apart from these emission programs, some of the sub- tradings under this have been practised in the United States, Canada and Japan.
The question of why international emission trading is a beneficial commodity might arise. There are some very crucial ways in which this policy increases the efficiency of the reduction of greenhouse emissions. All these can be understood in the next part.
Why International Emission Trading?
There are some very crucial reasons why the Kyoto Protocol devised international emission trading. Below are the pointers signifying the benefits of international emission trading.
International emission trading is a cost-effective way to reach environmental goals. The sale of the emission units is cost-efficient for the countries to trade or buy.
International emission trading neutralises greenhouse gas emissions. Through the continuous chain of trading and buying, the countries eventually reach their emission target.
International emission trading is flexible to a huge extent. There are no barriers for the countries to trade their emission units. However, the limit to trade is set by the Kyoto Protocol.
These are some of the prominent reasons for international emission trading to be followed. In addition to this mechanism, the other mechanism, such as the joint implementation, is also practised. This joint implementation allows two countries to work together in reducing the emission level. International emission trading is a cooperative pattern to reduce greenhouse emissions, costing nature’s life.
Conclusion
Nature has been in complete chaos with the human advent of innovations and inventions. As technology, modernisation and industrialisation progress, nature is drifting towards a total collapse and exploitation. Most of the consequences are already being witnessed these days.
As a response to the above-arising calamities, the Kyoto Protocol was signed in 1997. This Protocol fostered the reduction of greenhouse emissions that contributed excessively to global warming. The Protocol had devised several mechanisms for emission reduction. One of them is international emission trading.
The above information discusses international emission trading in detail. It discusses the reason for its implementation. Under this mechanism of the Kyoto Protocol, countries can trade or buy spare emission units. This will balance the emission target and ultimately culminate in reducing greenhouse emissions.
Further, there is also a discussion about adopting international emission trading. It is cost-effective, flexible and works to neutralise greenhouse emissions. International emission trading cooperatively tries to eliminate the adverse consequences of excessive emissions.
