• The UNFCCC entered into force on 21 March 1994. Today, it has near-universal membership. The 198 countries that have ratified the Convention are called Parties to the Convention. Preventing “dangerous” human interference with the climate system is the ultimate aim of the UNFCCC. 
• To boost the effectiveness of the UNFCCC Kyoto Protocol was adopted in December 1997. It committed industrialized countries and countries in transition to a market economy to achieve quantified emissions reduction targets for a basket of six GHGs.
• The Kyoto Protocol’s first commitment period took place from 2008 to 2012. The 2012 Doha Amendment established the second commitment period from 2013 to 2020. 
• In December 2015, parties adopted the Paris Agreement, which requires all parties to determine, plan, and regularly report on the nationally determined contribution (NDC) that it undertakes to mitigate climate change.

What is the Kyoto Protocol? 

• The Kyoto Protocol was adopted on 11 December 1997. Owing to a complex ratification process, it entered into force on 16 February 2005. Currently, there are 192 Parties to the Kyoto Protocol. 
• In short, the Kyoto Protocol operationalizes the United Nations Framework Convention on Climate Change by committing industrialized countries and economies in transition to limit and reduce greenhouse gases (GHG) emissionsin accordance with agreed individual targets. The Convention itself only asks those countries to adopt policies and measures on mitigation and to report periodically The Kyoto Protocol is based on the principles and provisions of the Convention and follows its annex-based structure.
• It only binds developed countries, and places a heavier burden on them under the principle of “common but differentiated responsibility and respective capabilities”, because it recognizes that they are largely responsible for the current high levels of GHG emissions in the atmosphere. 
• In itsAnnex B, the Kyoto Protocol sets binding emission reduction targets for 37 industrialized countries and economies in transition and the European Union.
• Overall, these targets add up to an average 5 per cent emission reduction compared to 1990 levels over the five year period 2008–2012 (the first commitment period).

Doha Amendment 

• In Doha, Qatar, on 8 December 2012, the Doha Amendment to the Kyoto Protocol was adopted for a second commitment period, starting in 2013 and lasting until 2020. 
• As of 28 October 2020, 147 Parties deposited their instrument of acceptance, therefore the threshold of 144 instruments of acceptance for entry into force of the Doha Amendment was achieved. The amendment entered into force on 31 December 2020.
• The amendment includes: 
  • New commitments for Annex I Parties to the Kyoto Protocol who agreed to take on commitments in a second commitment period from 1 January 2013 to 31 December 2020;
  • A revised list of GHG to be reported on by Parties in the second commitment period; and
  • Amendments to several articles of the Kyoto Protocol which specifically referenced issues pertaining to the first commitment period and which needed to be updated for the second commitment period.

Kyoto mechanisms 

• One important element of the Kyoto Protocol was the establishment of flexible market mechanisms, which are based on the trade of emissions permits. Under the Protocol, countries must meet their targets primarily through national measures. However, the Protocol also offers them an additional means to meet their targets by way of three marketbased mechanisms:
  • International Emissions Trading: It is set out as in Article 17 of the Kyoto Protocol, allows countries that have emission units to spare - emissions permitted them but not “used” - to sell this excess capacity to countries that are over their targets. Thus, a new commodity was created in the form of emission reductions or removals. Since carbon dioxide is the principal greenhouse gas, people speak simply of trading in carbon. Carbon is now tracked and traded like any other commodity. This is known as the “carbon market.” 
  • Clean Development Mechanism (CDM): It is defined in Article 12 of the Protocol, allows a country with an emission-reduction or emission-limitation commitment under the Kyoto Protocol (Annex B Party) to implement an emission-reduction project in developing countries. Such projects can earn saleable certified emission reduction (CER) credits, each equivalent to one tonne of CO2, which can be counted towards meeting Kyoto targets. 
  • Joint implementation (JI): It is defined in Article 6 of the Kyoto Protocol, allows a country with an emission reduction or limitation commitment under the Kyoto Protocol (Annex B Party) to earn emission reduction units (ERUs) from an emission-reduction or emission removal project in another Annex B Party, each equivalent to one tonne of CO2, which can be counted towards meeting its Kyoto target. Joint implementation offers Parties a flexible and cost-efficient means of fulfilling a part of their Kyoto commitments, while the host Party benefits from foreign investment and technology transfer.

Monitoring emission targets 

• The Kyoto Protocol also established a rigorous monitoring, review and verification system, as well as a compliance system to ensure transparency and hold Parties to account. Under the Protocol, countries’ actual emissions have to be monitored and precise records have to be kept of the trades carried out.
• Registry systems track and record transactions by Parties under the mechanisms. The UN Climate Change Secretariat, based in Bonn, Germany, keeps an international transaction log to verify that transactions are consistent with the rules of the Protocol.
• Reporting is done by Parties by submitting annual emission inventories and national reports under the Protocol at regular intervals. 
• A compliance system ensures that Parties are meeting their commitments and helps them to meet their commitments if they have problems doing so.
• Adaptation 
• The Kyoto Protocol, like the Convention, is also designed to assist countries in adapting to the adverse effects of climate change. It facilitates the development and deployment of technologies that can help increase resilience to the impacts of climate change. 
• The Adaptation Fund was established to finance adaptation projects and programmes in developing countries that are Parties to the Kyoto Protocol. In the first commitment period, the Fund was financed mainly with a share of proceeds from CDM project activities. In Doha, in 2012, it was decided that for the second commitment period, international emissions trading and joint implementation would also provide the Adaptation Fund with a 2 percent share of proceeds