International Agreements Kyoto Protocol
Global emissions continued to rise until 2005, when the Kyoto Protocol became an international law, although it was adopted in 1997. For many countries, including within the EU, things seemed to be going well. They planned to meet or exceed their targets for the agreement by 2011. But others fell short of expectations. Japan`s national policy to meet its Kyoto target includes the purchase of GIS-sold AAA.  In 2010, Japanese and Japanese companies were the main customers of AAUs. :53 In the international carbon market, AAE trade is only a small part of the total market value. 9 In 2010, 97% of trade on the international carbon market was fuelled by the European Union`s Emissions Trading Scheme (ETS). :9 Companies regulated under the EU ETS are not able to use AAEs to meet their emission limits.  The protocol provided countries with several ways to achieve their goals.
One approach was to use natural processes, called ”wells,” that remove greenhouse gases from the atmosphere. Planting trees that absorb carbon dioxide from the air would be an example. Another approach was the international Clean Development Mechanism (MDP), which encouraged developed countries to invest in technologies and infrastructure in less developed countries, where there were often significant ways to reduce emissions. Under the CDM, the invested country could claim an effective reduction in emissions as a credit to meet its obligations under the protocol. For example, an investment in a clean natural gas plant to replace a planned coal-fired power plant. A third approach was the Emissions Trading Scheme, which allowed participating countries to buy and sell emission rights, with an emphasis on economic greenhouse gas emissions. European countries have established an emissions trading market as a mechanism to strive to meet their obligations under the Kyoto Protocol. Countries that fail to meet their emission targets are expected to close the gap between their targeted and actual emissions, plus a 30% penalty, over the next commitment period starting in 2012; they would also be prevented from participating in the Emissions Trading Scheme until they are deemed to be in compliance with the protocol.
Emissions targets for post-2012 commitment periods are expected to be set in future protocols. The Kyoto Protocol is an international agreement to control and reduce carbon dioxide emissions and greenhouse gases. The protocol was adopted at a conference in Kyoto, Japan, in 1997 and adopted under international law on 16 February 2005. The Kyoto Protocol is an international treaty that extends the 1992 United Nations Framework Convention on Climate Change (UNFCCC), which requires States Parties to reduce greenhouse gas emissions, based on the scientific consensus that global warming is taking place (part 1) and (part two) it is very likely that human-caused CO2 emissions are the majority cause.