By Mobolaji Obisakin
Climate change is a phrase now well known to the world, even if the specifics of the phenomenon are not known, every person who watches television knows to put of the lights when leaving a room or to take a bus instead of a car if one can. The reason for this is known, to reduce CO2 (Carbon di oxide) emissions. But only a few people realize that a certain percentage is to be reduced by a certain time. The lack of awareness of this growing harm to the environment, has given way to a proactive stand by the international community and states to combat the depletion of the ozone layer by the reduction of man-made GHG (Green House Gas) emissions.
Due to this, the elements of a climate change convention were first considered by a meeting of experts in Ottawa in 1989, and by the Intergovernmental Panel on Climate change in 1990[1], which ushered the UNFCCC (United Nations Framework Convention on Climate Change) and the Kyoto Protocol.The EU has its own ETS (Emissions Trading Scheme) regime which was operational before the Kyoto Protocol came into force in 2005- nonetheless; the UN adopted the Kyoto Protocol and its flexibility mechanisms. The question for determination is- how successful is the regime in helping the EU meet its ambitious target of a reduction of GHG emissions of 20 percent by 2020, it is important to note that the region plans to do this mainly by the ETS.
This article will examine the Kyoto Protocol, its binding effect on parties and the targets set for annex I parties. The basic obligation accepted by the Annex I parties is set out in Article 3 (1). It provides that Annex I parties “shall, individually or jointly, ensure that their aggregate anthropogenic carbon dioxide equivalent emissions of the greenhouse gases listed in Annex A do not exceed their assigned amounts”.[2] I will also examine how the states are made to compile with these targets.
THE KYOTO PROTOCOL
Before 1997, the United Nations Framework Conference on Climate Change had been the main effort that the international community had set up with the aim of tackling the serious problem of global warming and its effect on the environment. The FCCC was the prototype for the Kyoto Protocol; it laid the foundations for principles such as differentiated responsibilities and the flexible mechanisms which are part of the relative success of the Kyoto protocol.
Targets and Compliance
Article 3 of the Kyoto Protocol provides that, Annex I parties shall individually or jointly, ensure that their aggregate anthropogenic carbon dioxide equivalent of the GHG do not exceed their assigned amounts, calculated according to their quantified emissions limitations and reduction commitment. All this is to ensure that there is an overall emissions reduction of GHG by at least 5 per cent below 1990 levels in the commitment period (2008-2012).[4]
Article 3(1) sets out different limits for each party according to their particular circumstances, which include the ability to reduce emissions, access to clean technology, use of energy and other issues[5]. Most Annex I countries have a specific percentage to reduce, from 5 – 8 per cent, some other Annex I countries only need to stabilize emissions, while the remaining are allowed to increase the amount of emission. The EU as a group is committed to reduce GHG emissions by 8 per cent.
One of the major properties of the KP is legal binding nature, this ensures that each country is bound by the commitments it makes to reduce GHG. This binding nature is very important because it shows the seriousness of member parties to comply with the rules and principles of the protocol, knowing that their failure to meet their targets could be met with international sanctions. It should also be noted that the protocol demands that each Annex I party should by 2005 “have made demonstrable progress in achieving its commitments under the protocol”[6], the EU can be said to be the region that had actually made the most progress by the 2005 date.
One of the major achievements of the Kyoto Protocol is the introduction of the flexible mechanisms, which were provide so that Annex I parties could have some help meting their commitments within the allotted time.
These are market based mechanisms with the aim of being a supplemental aid to Annex I parties in meeting their targets . These mechanisms are provided for in the Kyoto Protocol and the main function they provide is to reduce the cost of compliance that would have originally accrued to countries. The flexible mechanisms are, the joint implementation (article 6), emissions trading (article 17) and the clean development mechanism (article 12).
Joint implementation.
Article 6 of the KP provides that, Annex I parties “ may transfer to, or acquire from, any other such party emissions reduction units (ERU’s) resulting from projects aimed at reducing anthropogenic emissions... in any sector of the economy”[7]. This is achieved only if the projects are approved by the parties involved, actual evidence of reduction in the emissions is seen and the projects comply with sections 5 and 7 of the Kyoto Protocol. It should be noted that, ERUs are only supplements to national and regional efforts to meet their targets.
The Clean Development Mechanism (CDM)
The CDM is one of the major innovations of the KP, it allows developing countries participate in the climate change regime. This mechanism is provided for by Article 12 of the Kyoto Protocol, the article provides that the aim of the CDM is to achieve sustainable development in non- Annex I parties, to achieve the objective of the convention and to assist Annex I parties to reach their commitments.[8]
The CDM is a market based mechanism that benefits all parties involved, the Annex I parties gain Certified Emissions Reduction credits which would be used to supplement any efforts made domestically to meet their commitments, while the non- Annex I parties would gain FDI (Foreign Direct Investment) and transfer of technology without hindering their right to develop. This is achieved by initiating projects in the host country that would reduce the emission of GHGs into the environment. It should be noted that, the credits are not assigned until the project has actually achieved reduction in GHGs.
The Emissions Trading Scheme (ETS) is another market mechanism provided for by Article 17 of the Kyoto Protocol. The ETS is practiced between Annex I parties, this is where they trade in emissions credits (Assigned Amount Units) in order to meet their commitments. The developed country that is able to meet its targets and even surpass those sells GHG credits to other developed countries that are yet to meet their targets. Also, the COP (Conference of Parties) shall define the relevant principles, modalities, rules and guidelines for the verification, reporting and accountability for emissions trading.[9]
The EU Approach.
The EU can be said to be the region in the fore front of implementing the climate change regime. The Kyoto Protocol provides that the Annex I parties shall individually or jointly ensure that their aggregate anthropogenic Co2 emissions do not exceed their assigned amounts. This is to say that each state has to individually or regionally create a system with which it can meet its commitments; the EU is the first region to have a comprehensive scheme to do this before the Kyoto Protocol came into force. The EU was not always sold on the idea of emissions trading; they originally tried and failed to start up a carbon tax regime. But once they became members of the KP, the emissions trading scheme was an option which was established to help the EU reach their target of an 8 per cent reduction of the emissions of GHGs by 2012.
It must be said at this point, that the EU developed a market trading system called the EU ETS as one of the ways to help with their climate change targets. Although individual states also have their own domestic schemes, the region participates in this scheme with equal dedication. The EU ETS came into force January, 2005, the scheme is in phases. The first phase ended in 2007 which was to test run the scheme for possible problems, while the start of the second phase coincided with the enforcement of the Kyoto protocol commitment. One point to note is that the scheme links up with the KP flexible mechanisms through a Linking Directive; this is to ensure that their regional effort works hand in hand with the flexible mechanisms provided to help meet their commitments. It is important to note that the EU ETS is broken into phases, the first phase was to test run and “learn by doing”, while the second phase coincided with the Kyoto Protocol regime and through the linking directive; the flexible mechanisms were needed to further reduce the cost of getting emission allowances.
NUTSHELL:
No comments:
Post a Comment