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About Kyoto protocol:
Three Mechanism of Kyoto Protocol: Important element of the Kyoto Protocol is its flexibility mechanisms. This enable participating nations to achieve their emission targets by means other than simply reducing their own national emissions of greenhouse gases – hence, the term “flexibility mechanisms.” The Protocol provides for three such mechanisms: Clean Development: This mechanism allows annex 1 nations to receive emission credits towards their own emission targets by participating in certain projects in developing (or Non-annex 1) countries. These Clean Development projects must be approved by members of the Protocol and must contribute to sustainable development and greenhouse gas emission reductions in the host developing country. Joint Implementation: This mechanism allows Annex 1 nations to receive emission credits towards their own emission targets by participating in certain projects with other Annex 1 nations. These Joint Implementation projects must be approved by all nations participating in the project, and must either reduce greenhouse gas emissions or contribute to enhanced greenhouse gas removal through emission sinks (i.e. reforestation). Emissions Trading: This mechanism allows Annex 1 nations to purchase emission ‘credits’ from other Annex 1 countries. Some countries will be below the emission targets assigned to them under the Protocol and, as such, will have spare emission credits. Under the emissions trading system, other nations may purchase these spare credits and use them towards their own emission targets.
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