One can summarize the work conducted under the Kyoto protocol by extracting some paragraphs from the Montreal climate conference press release.
Under the Kyoto Protocol, which entered into force 16 February 2005, more than 30 industrialized countries are bound by specific and legally binding emission reduction targets. As a first step, these cover the period 2008-2012. 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 has now 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 allow 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. However, Canada has since changed for a new conservative government and a new strategy has been published first in April and the proposed greenhouse gas regulations are expected to be published in the Canada Gazette later this year, and the regulations finalized in 2009 to come into force as planned on January 1, 2010 according to the minister.
During this fiscal year two Canadian provinces took important steps in regards to climate change by adopting regulations to reduce their respective GHG emissions. The province of BC has published its own green house gas reduction targets through the Bill 44 in which the province has set reduction targets by 2020 for 33% and 80% by 2050 relative to 2007 emissions levels for both. In 2007 the Quebec government announced the first carbon tax in Canada to Oil companies to pay a new energy tax of 0.8 cents a litre for gasoline distributed in the province and 0.938 cents for diesel fuel. The province has also adopted California’s greenhouse gas standards for new light-duty vehicles.