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Annual Meetings are held to formulate Framework Convention on Climate Change:
Council of the Parties Six The Hague, Netherlands 11-13 to 24, 2000
Council of the Parties Six (part two) Bonn, Germany 7-18 to 31, 2001
Council of the Parties Seven Marrakech, Morocco 11-1 to 14, 2001
1971 – 1998 carbon dioxide emissions have been growing = approx. 6 gigatons / annum
In 1990 13.7 gigatons per year were accounted for in the Protocol. (4.9 gigatons from USA.)
To stabilize carbon dioxide levels at double the level currently and 80% reduction in carbon emissions is needed. Kyoto negotiated a means to reduce emissions by 5%.
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Failure at The Hague led to a second COP-6 meeting in Bonn, after the US election where Gore, a proponent of Kyoto, failed to win election in the Electoral College. To trade emissions 178 nations agreed to a set of accounting rules at COP-7. The accounting system was based on the means created to allow for full flexibility under the KP.
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As listed below, these series of credits are based on the renegotiated agreements in Bonn:
Timeline
COP negotiations under the Framework Convention on Climate Change Treaty (1992)
1997 Kyoto meeting
1998 Buenos Aires meeting
1999 Bonn meeting
2000 The Hague meeting
2001 Marrakech meeting
[All figured in terms of carbon tons measured in terms of carbon dioxide equivalents]
Each nation in Annex 1 is assigned a designated quantity of credits based on their reduction commitments.
CER – Certified Emission Reductions awarded for CDM projects: (Article 12)
Clean Development Mechanism credits awarded to benefactor (developed / Annex 1) nations for investments
ERU - Emission Reduction Units awarded for J.I. projects:
Joint Implementation [J.I.] credits awarded to benefactor nations for projects to offset existing emissions.
RMU - Removal Units negotiated at the Hague & Bonn, 2001
Temporary credits awarded to benefactor nations for actions taken that expire in 2012 and may be traded.
