GS Paper III- Conservation, environmental pollution and degradation, environmental impact assessment.

India to ratify amended version of Kyoto Protocol

What’s Happening-
The Union Cabinet chaired by Prime Minister Narendra Modi gave its approval to ratify the deal that is set to expire in 2020 and was shunned by several developed countries, most prominently the United States.

Key Points discussed were:

  • Until now, 75 countries have ratified the so-called Doha Amendment of the Kyoto Protocol, which spans from 2012 to 2020.
  • It falls far short of the 144 needed to bring it into force.

Sustainable development:

  • Implementation of Clean Development Mechanism (CDM) projects under this commitment period in accordance with sustainable development priorities will attract some investments in India as well.
  • Developing countries like India have no mandatory mitigation obligations or targets under the Kyoto Protocol.
  • The Kyoto Protocol incentivised several firms in India to retrofit their polluting plants with newer technology in the hope of earning carbon credits.
  • However, after an initial spike, carbon credit prices — that could be traded in emission-trading markets like shares — have crashed to rock-bottom prices.

Background: –
The 1997 Kyoto Protocol came into effect in 2005 and obligated the rich and industrialised countries to reduce emissions by 5.2% of 1990 levels during the 2008-2012 period.
However, the refusal of the U.S., the second largest polluter, to be part of the Protocol .
Lack of commitments by Canada, Japan and other major developing countries meant that global emissions actually rose during this period.

Kyoto Protocol:
is an international  which extends the 1992  (UNFCCC) that commits State Parties to reduce   emissions.
The Kyoto Protocol was adopted in , ,
There are currently 192 parties.

Sources- The Indian Express,The Hindu. Page 6