Going Forward: Carbon Finance in the Latin America and Caribbean Region
This article was originally written by Natsuko Utsumi for World Bank’s web site.
In 1997, the Kyoto Protocol was adopted unanimously as a part of the United Nations Framework Convention on Climate Change. As of April 2008, 178 states have signed and ratified the treaty.
Under this treaty, signatory countries that are industrialized must reduce their greenhouse gas emissions over the period between 2008 and 2012 by an average of 5.2% below the 1990 level, amounting to about 550 million tons of CO2 equivalent. Signatories that are developing countries, such as Mexico and Brazil, are exempt from this requirement. Continue Reading