The Kyoto Protocol is a 1997 international treaty which came into force in 2005, which binds most developed nations to a cap and trade system for the six major greenhouse gases.642-901 (The United States is the only industrialized nation under Annex I which has not ratified and therefore is not bound by it.) Emission quotas were agreed by each participating country, with the intention of reducing their overall emissions by 5.2% of their 1990 levels by the end of 2012.646-230 Under the treaty, for the 5-year compliance period from 2008 until 2012,nations that emit less than their quota will be able to sell emissions credits to nations that exceed their quota.
It is also possible for developed countries within the trading scheme to sponsor carbon projects 650-621 that provide a reduction in greenhouse gas emissions in other countries, as a way of generating tradeable
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