Major Highlights of the treaty

• The final draft after the Copenhagen summit has agreed to cuts in emissions and hold increase in global temp below 2°C.
• A proposal attached to the accord calls for a legally binding treaty by the end-2010.
• Developed countries to provide adequate financial resources and technology to support developing countries. A goal of mobilizing $100 billion a year by 2020 to address the needs of developing countries has been set.
• Details of mitigation plans are included in separate annexure, one for developed countries and one for voluntary pledges from developing countries. These are not binding, and describe the current status of pledges—ranging from ‘under consideration’ for the United States to ‘adopted by legislation’ for the European Union.
• Emerging economies have been asked to monitor their efforts and report the results to the United Nations every two years, with some international checks to meet transparency concerns of West but ‘ensure that national sovereignty is respected’.
• The accord agrees to provide positive incentives to fund afforestation with financial resources from developed world
• Carbon Markets are mentioned in the accord, but not in detail. The deal promises to pursue various approaches, including opportunities to use markets to enhance the cost-effectiveness and promote mitigations actions.

Objectives: Kyoto is intended to assign mandatory  targets for the reduction of global emissions of greenhouse gas to signatory nations. The objective is the “stabi-lisation of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system” UNFCCC-2.

Status: The treaty was negotiated in Kyoto, Japan in December 1997, opened for signature on March 16, 1998, and closed on March 15, 1999. The agreement came into force on February 16, 2005 following ratification by Russia on November 18, 2004. As of July 2006, a total of 164 countries have ratified the agreement (representing over 61.6% of emissions from Annex I countries). Notable exceptions include the United States and Australia. Other countries, like India and China, which have ratified the protocol, are not required to reduce carbon emissions under the present agreement.