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%.
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.
As listed below, these series of credits are based on the renegotiated agreements in Bonn:
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.