Looking Beyond Kyoto Protocol

Any Journey begins with the first step that you take. Is Kyoto Protocol a step towards an Environment friendly world? A deeper insight into it, would answer few of our queries; as also invite us to ask few more questions.

The Kyoto Protocol

The Kyoto Protocol is an international treaty to reduce greenhouse gas (GHG) emissions which causes global warming. The Protocol, comes alive today (i.e. the 16 February 2005) following its ratification in late 2004 by Russia. The collective agreement of the Kyoto Protocol is to reduce these emissions by 5.2 per cent below 1990 levels during 2008 & 2012. Will it be the “Big Leap for Mankind” is something our future will tell us?

We are already committing 1.2 to 1.3ºC of average global warming. And if we ever touch the 2ºC mark then we are in for some big surprised: melting of ice-caps resulting rise of sea level, potential damage to ecosystem, loss of lives for factors one to many. While this is pretty know to all of us.

Who’s the target?

The GHGs in hot soup includes carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, sulphur hexafluoride. Emissions of GHGs is referred to as carbon dioxide equivalents. While the single most important greenhouse gas is carbon dioxide, some other gases are more significant on a molecular basis. Methane, for example, has 24.5 times the climate change impact that carbon dioxide does, molecule for molecule.

Kyoto Protocol – the Flexible Protocol

It is often said that” A weaker treaty is much better than no treaty at all”. But, when we look forward to an International treaty, negotiations are bound to happen and thanks to Kyoto Protocol we have lot of flexibility:

1. Carbon Trading or Emission Trading

Under this provision, at a micro-level emission quotas are provided to companies. The defaults exceeding the quota are asked to pay penalty or trade the surplus with another company who is below the permissible quota. This in EU and few other countries is referred to as the “cap and trade” system. This is also possible at a macro-level, where it is between countries. This would be of advantage when the real cost of emission reduction out-weighs the cost of emission trading.

2. Carbon Credits

Another way to offset the failure to fulfill target level emissions is by way of “Carbon Sinks”. These would be carbon capturing sinks which will store the carbon in the form of biomass like forests; the process is referred to as Sequestration.

This would call for “Carbon Accounting” which is another challenge in itself. The accounting process is a bit complex and it is known that approximately 50% of the dry weight of the biomass (forest in this case) is carbon.

3. Carbon Finance

It is the term used for carbon credits that would help finance emission reduction projects. This will generate credits that can be purchased by countries. Mostly the developing countries would invest in such projects and sell the credits to the developing countries that are overshooting their targets.

Countries committed to this noble cause amount to 141. Few would indeed be able to meet the emission targets, while few may fail in the process especially the OECD. The “cap and trade” mechanism may also gain popularity and cause a dint to the whole process of emission reduction.

Should we celebrate?

The environment groups like Greenpeace maybe celebrating today, at the onset of Kyoto Protocol. But, they also mention the fact that the protocol promises an overall reduction of just 4-5%; but to make a dent on the gaseous “glass” dome which envelopes the globe a reduction of 60% is a must. Harvard scientist and economists have gone up to say that KP is economically inefficient, unobjective, inequitable, and—worst of all—ineffective. Some do argue to the fact that the vast amount being spent to reduce emission levels, if put to the use of environment conservation like investment in forests, would foster larger results. The omission of major countries like China is also of concern (as the previous article points out).

Kyoto Protocol- the start or the end?

Kyoto Protocol comes as a modest beginning. At the end of tenure the citizens decide whether or not the ruling party be brought to power. Kyoto Protocol would be put to test come 2012.

Disclaimer

This article in no way reflects the views, opinions, thoughts or beliefs of any person, institution or organization related to the author and is the personal expression of the author. Some of the facts expressed in this article are a result of Internet findings. The author reserves the right not to be responsible for the topicality, correctness, completeness or quality of the information provided.