THE KYOTO PROTOCOL, signed in December 1997, is a major development in the negotiations on climate change. Its importance lies mainly in the fact that some countries have agreed to specific CO2 emissions ceilings. The main features of the Protocol are:
• Dated emissions quotas, expressed in percentage of 1990 emissions, have been proposed for Annex I countries, to be met around 2010.
• The principles of (a) emissions trading by countries (or by their entities) and of (b) joint implementation have been proposed for Annex I countries. The form and mechanism of emissions trading are, however, to be decided through further negotiations.
• A clean ...