. In a bid to curb carbon emissions and global warming, Kyoto Protocol was signed among various countries and it entered into force in 2005 which marked the beginning of its first commitment period till 2012 (second commitment period was agreed from 2013-20). It was an extension of UNFCCC and a concrete plan to bring GHG emission down in a legally binding manner.
Countries were divide into three groups – Annex-1 countries (the Industrialized economies and economies in transition) and Annex-2 (the developed countries excluding economies in transition which will actually pay to developing countries for their costs incurred in new projects under CDM and they are actually a subset of Annex 1 countries) and other developing countries or non-Annex countries. Annex- 2 countries have binding targets under Kyoto to cut carbon emissions under principle of common, but differentiated/historic responsibilities. It set legally binding targets for the Annex-2 countries (37 of them including individual countries of EU) to reduce their GHG levels to an average of 5.3% of 1990 level during a seven year commitment period of 2005-12. USA and Australia didn’t sign it.
Two major instruments
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