ABSTRACT
When fossil fuels are used CO2, the main GHG regulated by the Kyoto Protocol, is released into the atmosphere. Most of the energy that drives the economies of the industrialized countries is based on these carbon-emitting fossil fuels. Without any alternative, therefore, the Kyoto Protocol could be a very expensive agreement by limiting economic growth. Some studies do indeed indicate that emissions targets could lead to substantial reductions in the growth of GDP. There are, however, also great costs associated with the current polluting way of production.
