The Kyoto Protocol
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This paper discusses how there is an international recognition of the immediate need to reduce greenhouse gases (GHGs) and remedy the problem of global warming. The Kyoto Protocol was established in December 1997 as an agreement between over 160 countries to set targets for the reduction of GHGs and determined available options to achieve them. It shows how the Protocol includes three Kyoto mechanisms, which are three market-based instruments that enable nations to buy or earn credits on an international scale. It examines how developed countries that have accepted a Kyoto target throughout the world are developing emissions trading programs in order to achieve these targets in a cost-effective manner.
From the Paper:"Over time, governments reduce the number of permits available, and the market for auctioned or unused permits becomes increasingly costly. Therefore, parties recognize that investment in clean-up technologies is more feasible than purchasing permits for emissions. During this process emissions are reduced, and parties that are successful in reducing emissions do not need to purchase auctioned permits and in fact profit from the sales of unused permits. The option of emissions trading also gives parties time to update their operations and invest in clean technologies. Evidence from emissions trading programs implemented in the United States indicates that this mechanism is an effective, cost effective means of reducing emissions."
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The Kyoto Protocol (2004, February 11) Retrieved August 02, 2021, from https://www.academon.com/essay/the-kyoto-protocol-47576/
"The Kyoto Protocol" 11 February 2004. Web. 02 August. 2021. <https://www.academon.com/essay/the-kyoto-protocol-47576/>