At a conference in Kyoto, Tokyo from the 1-11th of December, a historic protocol was held. Its mission was to reduce greenhouse gas emissions for the purpose of protecting the environment and halting global climate change (specifically global warming). The negotiations held proved to be harder than expected due to the differing stands of the major nations. Eventually a compromise was reached, and thus concluded the Kyoto Protocol. Directly or indirectly from this protocol, the benefits which stood to be gained include better climate and environmental conditions, improved health conditions and long-term economic benefits. Without the existence of this protocol, the earth's temperature was expected to rise by 1°C by 2050, and 2.5°C by 2100. Although this may look small, it could potentially have a devastating effect on our planet.
One of the main features of the Kyoto Protocol is an emission target which is set for developed nations. These limits vary according to country, and are to be reached over a 5 year period. This period allows for the countries to minimise the effect of economic uncertainties or fluctuations in the weather. However, the first budget period has been set to start from 2008-2012, with progress being seen by 2005. This is because the participating countries rejected the proposed budget period of 2003-2007 as unrealistic. Having a decade before the start of the binding period will allow more time for companies to ease into a smooth transition to greater energy efficiency. .
The emission targets cover the 3 major greenhouse gases: carbon dioxide (CO2), methane (CH4) and nitrous oxide (N20), plus hydrofluorocarbons (HFCs), perflurocarbons (PFCs) and sulfur hexafluoride (SF6). The inclusion of the latter 3 gases came as a bit of a surprise to some nations, as the emission data and measuring methods of these gases can be considered inadequate. The protocol requires for the industrialised nations to cut down on 1990 levels of greenhouse gases by an average of 5.