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Policy instrument - Kyoto Protocol Introduction The Kyoto protocol of 1997 to the Framework convention of climate change (FCCC) is global policy instruments for combating climate change in view of both national and international level (Kim, 2000). This treaty has a legally-binding target of stabilization of greenhouse gas (GHG) emissions at the same levels as of 1990 in the commitment period 2008-2012. Industrialised countries agree to reduce overall GHG emission by 5.2 per cent in this period. Amongst Annex I countries (broadly speaking, industrialised countries), required targets vary; for example, 6% Japan, 8% EU and 7% U.S. Non-Annex Icountries (developing countries) are excluded from any commitments towards emission reduction. This protocol will enter into force nineties days after the date it has been ratified by 55 parties, including Annex I countries which accounted for at least 55% of developed countries' 1990 emissions(UN, 1997: Article 25). Since this treaty has been very controversial,...

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