The Kyoto Protocol provided that 37 industrialized countries and the EU would reduce their greenhouse gas emissions. Developing countries were invited to voluntarily commit and more than 100 developing countries, including China and India, were totally excluded from the Kyoto agreement. The protocol provided countries with several ways to achieve their goals. One approach was to use natural processes, called “wells,” that remove greenhouse gases from the atmosphere. Planting trees that absorb carbon dioxide from the air would be an example. Another approach was the international Clean Development Mechanism (MDP), which encouraged developed countries to invest in technologies and infrastructure in less developed countries, where there were often significant ways to reduce emissions. Under the CDM, the invested country could claim an effective reduction in emissions as a credit to meet its obligations under the protocol. For example, an investment in a clean natural gas plant to replace a planned coal-fired power plant. A third approach was the Emissions Trading Scheme, which allowed participating countries to buy and sell emission rights, with an emphasis on economic greenhouse gas emissions.
European countries have established an emissions trading market as a mechanism to strive to meet their obligations under the Kyoto Protocol. Countries that fail to meet their emission targets are expected to close the gap between their targeted and actual emissions, plus a 30% penalty, over the next commitment period starting in 2012; they would also be prevented from participating in the Emissions Trading Scheme until they are deemed to be in compliance with the protocol. Emissions targets for post-2012 commitment periods are expected to be set in future protocols. Bush Administration Similar objections to the Kyoto Protocol were the reasons why the Bush administration refused to sign. They argued that the distribution between Schedule 1 and developing countries was unfair and that both countries should unilaterally reduce their emissions. President George W. Bush said the cost of complying with protocols will weigh on the economy. Some have strongly criticized the protocol because it only provides for emission reductions for rich countries, while such commitments are not set for fast-growing emerging economies.
B for example China and India (Stern 2007, p. 478). Australia (under Prime Minister John Howard) and the United States have not ratified the protocol, although Australia has in the meantime ratified the treaty. A number of other countries have not taken strong steps to implement them. Although developing countries have made commitments under the protocol, they have not been quantified and have been used to address climate change as part of a more comprehensive national sustainable development policy. In 2016, when the Paris climate agreement came into force, the United States was one of the main architects of the agreement, and President Obama hailed it as “a tribute to American leaders.” Then presidential candidate Donald Trump criticized the deal as a bad deal for the American people and promised to withdraw the United States if elected. The Kyoto Protocol was designed as effective and fair (Toth et al., 2001, p.