Several flexibility mechanisms are also created. (1) Trading emissions of greenhouse gases allows industrialized countries to buy emissions rights from each other at a price commonly agreed. (2) Joint Implementation is also carried out between industrialized countries. It allows any industrialized country to subsidize projects in another in exchange for a credit. (3) The clean development mechanism is similar to joint implementation, but it will be carried out between developed and developing countries. However a part (yet to be defined) of each country's emissions reduction target will have to be fulfilled at home.
The Protocol will enter into force once 55 countries have ratified it, and providing these countries represent at least 55% of 1990 emissions by the identified most industrialized or developed countries. A compliance mechanism will have to be introduced at the first Meeting of the Parties of the Protocol.
Under the [Kyoto Protocol], the UK has agreed to reduce emissions from a basket' of 6 greenhouse gases (i.e. carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride) by 122 per cent below 1990 levels by 2008-2012. Emissions of these gases weighted by global warming potential fell by 52 per cent between 1990 and 1996.
2. The only fair way of sharing out the necessary reductions between the world's countries is to follow the Contraction and Convergence model. This model proposes to determine collectively first what overall cap on GHG emissions the global community wishes to aim for in 100 years. This global quota for 2100 is then shared out between countries on the basis of their population -- so that each "citizen of the earth" is allowed the same emissions of GHG, regardless whether they are a farmer in Bangladesh or a businessman in New York. A gradual transition towards that target is then calculated, allowing developing countries a substantial increase, before stabilizing and reducing their emissions later, while developed countries start cuts immediately. Ultimately, this scenario will be the only way to avoid less committed countries stalling the entire negotiations process. It will also be the only way to convince developing countries that they should agree to limit their increase in GHG emissions, and that there is a fair way of sharing the cake between the developed and the developing world.