Kyoto Kicks Off, with Little Fanfare

The world’s first ever effort to rein in greenhouse gas emissions began January 1.

You might not have noticed, but the industrialized nations of the world (minus the U.S.) got a New Year’s Day gift this year: the beginning of the Kyoto Protocol agreement to cut back on greenhouse gas emissions.

The European Union, Canada and now even Australia will all strive to lower their emissions below 1990 levels to varying degrees. Canada, for example, will try to cut such globe warming gases levels 5% below 1990 levels, or only release 571 million metric tons of the climate changing pollution.

Fortunately, for Canada and its fellows in the international effort, they will have until 2012 to do so; Canada emitted 731 million metric tons in 2006 alone. Perhaps that explains the large—and growing—trade in the right to emit such pollution; according to consultancy Point Carbon the value of such permits doubled in 2007, to more than $59 billion. And if the U.S. ever makes such an attempt, with its more than 7 billion metric tons of greenhouse gas emissions, expect that value to increase.

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