KyotoProtocol
The above quote, said by G.Hardin in 1968, was well ahead of its time.
In fact, it wasn't until December 1997 that the Kyoto Protocol (which is an amendment to the United Nations Framework Convention on Climate Change) was negotiated in Japan.
Under the Kyoto Protocol, industrialised countries agreed to reduce their collective greenhouse gas emissions by 5.2% from 1990 levels as a response to global warming caused by the greenhouse effect. Each industrialised country and countries with economies in transition (i.e. Eastern Europe), collectively known as Annex I Countries, have their own particular greenhouse gas emission targets. The Kyoto Protocol came into force on 16 February 2005. As of February 2006, 162 countries had ratified the Kyoto Protocol (the notable exceptions being USA and Australia); each of these countries are legally bound to meet their emissions targets by 2012.
The compliance framework set up under the Kyoto Protocol will operate between 2008 and 2012 (commonly referred to as the First Commitment Period). Annex I Countries are allocated carbon credits for the First Commitment Period, in line with their target under the Kyoto Protocol. A country must surrender one carbon credit for each tonne of carbon dioxide equivalent (the universal measure of greenhouse gas emissions) emitted during the First Commitment Period.
The carbon credits can be traded between the countries. For example, if an Annex I country has surplus credits it can sell them to another Annex I country that has insufficient credits to cover its greenhouse gas emissions.
Australiaand the Kyoto Protocol
Although Australia is a signatory to the Kyoto Protocol, it is not bound by
it because the Kyoto Protocol has not been ratified in Australia.
Consequently, at this stage, Australia is not able to participate in
emissions trading under the Kyoto Protocol and is not bound by its
greenhouse gas emission target of 108% of 1990 greenhouse gas emissions.
Despite the non-ratification of the Kyoto Protocol, a number of voluntary
and mandatory carbon trading markets have been formed in Australia. They
include the NSW Benchmark Scheme; Greenhouse Friendly; The Mandatory
Renewable Energy Target Scheme and voluntary action by large greenhouse gas
emitters.
