The work conducted under the Kyoto Protocol, can be summarized by extracting some paragraphs from the Montreal Climate Conference press release.
Under the Kyoto Protocol, which entered into force February 16, 2005, more than 30 industrialized countries are bound by specific and legally binding emission reduction targets. These cover the period 2008-2012, as a first step. The Kyoto Protocol is now fully operational. The adoption of the Marrakesh accords formally launches emissions trading and the other two mechanisms under the Kyoto Protocol. Carbon now has a market value. Under the clean development mechanism, investing in projects that provide sustainable development and reduce emissions makes sound business sense. The Joint Implementation (JI) adopted by the parties is one of the mechanisms which allows developed countries to invest in other developed countries and thereby earn carbon allowances, which they can use to meet their emission reduction commitments. In addition to this, the clean development mechanism allows industrialized countries to invest in sustainable development projects in developing countries and thereby earn carbon allowances.
“With these decisions in place, we now have the infrastructure to move ahead with the implementation of the Kyoto protocol” said Richard Kinley, head of the United Nations Climate Change conference. “It sets solid basis for future steps to bring emissions down,” he added.
All Kyoto Protocol Parties, including Canada, are now moving ahead to meet their GHG emission reduction commitments. In the past few years, Canada has developed and set strategies to meet our commitments. Canada has recently elected a new Conservative Federal government and the new position in regards to the Protocol and what strategies will be adopted by this government, is unknown at this time. However, because H.E. Ms Rona Ambrose has been confirmed by both the Canadian Government and the United Nations as the new President of the Conference of the Parties (COP), we will very soon know what will be the new Canadian position.