Kyoto Protocol

under the Climate Change Convention (UNFCCC), adopted at COP-3 on 11 December 1997). The Kyoto Protocol commits Annex I Parties to individual, legally binding targets to limit or reduce their greenhouse gas emissions, adding up a total cut of at least 5% from 1990 levels in the period 2008-2012. The Protocol also establishes three innovative 'mechanisms', known as joint implementation, emissions trading and the clean development mechanism, which are designed to help Annex I Parties reduce the costs of meeting their emissions targets. The Kyoto Protocol was open for signature between 16 March 1998 and 15 March 1999. During that period, 84 countries signed the Protocol, including all but two Annex I Parties. In order to enter into force, the Protocol must be ratified (or adopted, approved, or acceded to) by 50 Parties to the Convention. As of July 2001, only five countries have ratified the Protocol, one being an Annex I Party.