United Nations Framework Convention on Climate Change

United Nations Conference on Climate Change is the largest intergovernmental conference on climate control that was ever held throughout the history of humanity. Aside from explicit achievements, the largest accomplishment of the Conference is the acknowledgement of the emerging changes in the world arena. Globalization of markets and, as a consequence, global governance in both trade and services, privatization of the energy sector alongside with increasing role of private sector have forever changed the context in which environmental issues should be viewed.
Kyoto Accord or Kyoto Protocol is an amendment to the United Nations Framework Convention on Climate Change that was negotiated in Kyoto, Japan, in December 1997 and was brought into force 90 days after Russian ratification. The amendment represents a new generation of environmental international relations and treaties adopted in the light of globalization. The major aim of Kyoto Accord is to impose control on economic activities related to energy production and foreign investment and in such way minimize the risks for environment. Under this agreement, countries are to reduce emission of greenhouse gases by 5.2%, whereas the long-term perspective is as much as 29% by 2010. The limits are imposed on 6 greenhouse gases: CO2, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride. The economic effects of Kyoto Accord have been an issue of prime concern within the last years and neither one of the parties is able to provide a definite solution as well as outline the potential results of implementation of the amendment. There are three mechanisms in Kyoto Accord that allow for worldwide implementation and are aimed at the environmental goals established by United Nations Conference on Climate Change. The mechanisms are also known as Kyoto Flexible Mechanisms: the Clean Development Mechanism, the Joint Implementation Mechanism, and the greenhouse gas emission trading.
The idea of emission trading is rooted in the concept of unity between countries with Kyoto targets. While every country will be assigned a certain limit within the period from 2008 until 2012, those who do not meet the established quota can sell the leftover amount to countries who emit too much of greenhouse gas. European Union went further; it established specific quotas on CO2 emissions for as much as 11,500 energy intensive plants that are located on the territory of members of EU.
The remaining two mechanisms, Clean Development and Joint Implementation, are aimed to reduce emission of greenhouse gases in other countries. Industrialized countries as part of their long-term plan to achieve reduction in emission of greenhouse gases are to run projects abroad, whereas the results are counted towards their own reduction achievements. While Joint Implementation allow for project implementation on the territory of countries with Kyoto targets, Clean Development is aimed at reductions on the territories of developing countries. By implementing two mechanisms United Nations stimulates reduction in gas emission by transferring technologies to developing countries and developing unity between countries with Kyoto targets. While Joint Implementation will be put in force only in 2008, the Clean Development Mechanism is already successfully functioning since 2000.
The Montreal meeting of the United Nations on Climate Change in 2005 finalized the details of Kyoto Protocol. The 11th Conference on Climate Change was held from 28 November to 9 December. During the Conference 40 decisions regarding long-term cooperative actions and detailed guidance for countries with Kyoto targets have been adopted. Marrakech Accords that is generally referred to as the “Kyoto Rulebook” is considered to be one of the most important accomplishments. The “Rulebook” allows the formal implementation of the Kyoto Protocol. While industrialized countries have started a cooperative action to address the climate change, all members have agreed to proceed with an open dialogue. Basically, on the Montreal Conference implementation of the Kyoto Protocol was ensured. There also were held parallel events touching the following major themes: understanding and preparation for the change, showcasing solutions and sharing best practices, raising awareness and cultural events