An extract on #bakan
Latvia was one of the front-runners of GISs. World Bank (2011) reported that Latvia has stopped offering AAU sales because of low AAU prices. In 2010, Estonia was the preferred source for AAU buyers, followed by the Czech Republic and Poland.
Japan's national policy to meet their Kyoto target includes the purchase of AAUs sold under GISs. In 2010, Japan and Japanese firms were the main buyers of AAUs. In terms of the international carbon market, trade in AAUs are a small proportion of overall market value. In 2010, 97% of trade in the international carbon market was driven by the European Union Emission Trading Scheme (EU ETS). However, firms regulated under the EU ETS are unable to use AAUs in meeting their emissions caps.
The protocol left several issues open to be decided later by the sixth Conference of Parties COP6 of the UNFCCC, which attempted to resolve these issues at its meeting in the Hague in late 2000, but it was unable to reach an agreement due to disputes between the European Union (who favoured a tougher implementation) and the United States, Canada, Japan and Australia (who wanted the agreement to be less demanding and more flexible).
In 2001, a continuation of the previous meeting (COP6bis) was held in Bonn where the required decisions were adopted. After some concessions, the supporters of the protocol (led by the European Union) managed to get the agreement of Japan and Russia by allowing more use of carbon dioxide sinks.
COP7 was held from 29 October 2001 through 9 November 2001 in Marrakech to establish the final details of the protocol.
The first Meeting of the Parties to the Kyoto Protocol (MOP1) was held in Montreal from 28 November to 9 December 2005, along with the 11th conference of the Parties to the UNFCCC (COP11). See United Nations Climate Change Conference.
During COP13 in Bali, 36 developed Contact Group countries (plus the EU as a party in the European Union) agreed to a 10% emissions increase for Iceland; but, since the EU's member states each have individual obligations, much larger increases (up to 27%) are allowed for some of the less developed EU countries (see below Kyoto Protocol#Increase in greenhouse gas emission since 1990). Reduction limitations expired in 2013.
Barker et al. (2007, p. 79) assessed the literature on cost estimates for the Kyoto Protocol. Due to non-US participation in the Kyoto treaty, costs estimates were found to be much lower than those estimated in the previous IPCC Third Assessment Report. Without US participation, and with full use of the Kyoto flexible mechanisms, costs were estimated at less than 0.05% of Annex B GDP. This compared to earlier estimates of 0.11.1%. Without use of the flexible mechanisms, costs without US participation were estimated at less than 0.1%. This compared to earlier estimates of 0.22%. These cost estimates were viewed as being based on much evidence and high agreement in the literature.