Risk glossary


Kyoto Protocol on Climate Change

An agreement made in Kyoto, Japan, in December 1997 under which industrialised countries agreed to adopt specific goals and timelines for nationwide reductions of greenhouse gas emissions between 2008 and 2012. The two major mechanisms for achieving this established under the protocol are emissions trading and the Clean Development Mechanism (CDM).

The EU and its member states ratified the Kyoto Protocol in May 2002. The EU has a target goal of 8% reduction in greenhouse gases and Japan’s goal is a 6% reduction. The Protocol came into effect for all signatory countries on February 16, 2005. As of May 2013, the US had not ratified the Kyoto Protocol.

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