CLIMATE: Kyoto Protocol Milestone

In a January 5, 2008 post we discussed the most recent step in the United Nation's Conference of the Parties (COP) on climate change in Bali (COP13) and the incremental progress that was made toward replacing the Kyoto Protocol (COP3). (read about an interesting ending to the Bali conference!). The UN's goal is to have stringent emissions reduction targets in place by 2012.

In the interim, the 100 millionth certified emission reduction (CER) credit under the Kyoto Protocol’s Clean Development Mechanism (CDM) has been issued, marking an important environmental, development, and carbon market milestone on the road to a low-carbon future. The Kyoto Protocol began on February 16, 2005 (The US has never ratified the Protocol).

"The CDM has been up and running just two years, but in that short time it has shown its ability to reduce greenhouse gas emissions and stimulate green investment in developing countries," said Yvo de Boer, Executive Secretary of the United Nations.

There are currently more than 860 registered CDM projects in 49 developing countries, and about another 2000 projects in the project registration pipeline. The CDM is expected to generate more than 2.6 billion CERs by the time the first commitment period of the Kyoto Protocol ends in 2012, each equivalent to one tonne of carbon dioxide.

(classic Bacsik)