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GHGs. This ‘basket’ includes carbon dioxide, methane, nitrous oxide, HFCs, PFCs and SF 6 .The arrangement gives the flexibility which would enable a Party to increase emissions. 25 of any gas in the ‘basket’ provided commensurate reductions were made in another gas in the ‘basket’. Kyoto Lands The Kyoto Protocol describes land use, land-use change and forestry activities that require or allow the net GHG emissions from sinks to be accounted for by Parties in meeting their emission reduction commitments. The lands on which these activities take place are designated as Kyoto lands (as defined in the IPCC draft report on LULUCF). Kyoto Mechanisms (formerly known as Flexibility Mechanisms) Procedures that allow Annex 1 Parties to meet their commitments under the Kyoto Protocol based on actions outside their own borders. As potentially market-based mechanisms they have the potential to reduce the economic impacts of greenhouse gas emission-reduction requirements. They include Joint Implementation (Article 6), the Clean Development Mechanisms (Article 12) and Emissions Trading (Article 17). Kyoto Protocol The Protocol, drafted during the Berlin Mandate process, that, on entry into force, would require countries listed in its Annex B (developed nations) to meet differentiated reduction targets for their emissions of a ‘basket’ of greenhouse gases (see ‘Kyoto Basket’) relative to 1990 levels by 2008–12. It was adopted by all Parties to the Climate Convention in Kyoto, Japan, in December 1997. Least Developed Countries, or LDCs An informal group of countries defined using a number of parameters including per capita GDP. Under current proposals, Least Developed Countries and Small Island Developing States would gain special consideration for adaptation and Convention funding, technology transfer, capacity building and the CDM. Liability Liability relates to the consequences falling on parties involved in a transaction that were the result of overselling of some party’s Assigned Amount. A number of options have been proposed, for example: the (over) seller is liable and would pay the penalty for noncompliance; the buyer is liable and the trade would be unwound, returning the AAUs to the overseller; or other hybrid options where liability is shared. 17PDF Image | Organisations in Different Renewables
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