A Primer on the Global Carbon Markets
In December 1997, members of the United Nations Framework Convention on Climate Change (UNFCCC) negotiated the Kyoto Protocol that established emissions reductions for the developed and developing nations that ratified the Protocol. The Protocol went into force in February 2005 after Russia ratified it in November 2004. The U.S. did not ratify the Protocol because it set no emission limits for China or India. The Kyoto Protocol…