The Kyoto Protocol is an treaty between developed countries that establishes binding restrictions on the emission greenhouse gases to mitigate the global climate change caused by the greenhouse effect (Schieirmeier, 2010). The greenhouse effect is the warming effect of the sun on greenhouse gases like carbon dioxide, that trap the heat in the atmosphere. The more of these gases that are present, the more heat is prevented from dispersing into space and the more the planet warms. The greenhouse effect is important for life on Earth, an excess of greenhouse gases increases global warming outside tolerable levels. The goal of the Kyoto Protocol is to stabilize anthropogenic emissions at a level that will not cause more damage to the atmosphere.
The first treaty was signed in Kyoto, Japan in 1997 and came into effect on February 16, 2005 with Russia's ratification (Schieirmeier, 2010). It detailed targets for emissions and a collective emissions reduction of 5.2% below the emission levels of 1990 . Fulfillment of the treaty required participating countries to enact policies and measures to cut down and compensate for local emissions and increase assimilation of greenhouse gases. Other conditions included requirements for liability, compliance, and disclosure. That contract ran out in 2012 and an extension from 2013 to 2020 was agreed upon.
International emissions trading is a part of the agreement that allows industrialized countries to trade their obligations under the Kyoto Protocol. They can trade emissions quotas between themselves, and can also obtain credit for funding emissions reductions in developing nations. Developed countries can use emissions trading through 2014 or 2015 to meet their initial targets.
Costs.
In addition to having several flaws that block the implementation of the treaty, there are drawbacks with the ideas behind the treaty that call in to question its benefit as a whole.