ABSTRACT
At the 1997 Kyoto Conference of Parties, developed countries agreed to set reduction targets for carbon dioxide (CO2) and five other greenhouse gas (GHG) emissions as a first step to stabilise the atmospheric concentration levels of these heat-trapping gases. For this purpose, the use of flexible mechanisms-emissions trading, joint implementation and the clean development mechanism-has been integrated in the Kyoto Protocol. The Kyoto Protocol also predicts that the set of flexible mechanisms will need to be further developed. Voluntary approaches have already been considered since the Rio Conference in 1992.
