Climate risk glossary
Kyoto Protocol
The Kyoto Protocol is an international treaty adopted in 1997 and entered into force in 2005, serving as a predecessor to the Paris Agreement. It was the first legally binding global agreement to reduce greenhouse gas emissions. The Protocol set emission reduction targets for developed countries (Annex I countries), aiming to reduce their collective emissions by 5.2% below 1990 levels during the first commitment period (2008-2012). It introduced flexible mechanisms such as emissions trading, the Clean Development Mechanism (CDM), and Joint Implementation (JI) to help countries meet their targets. While the Kyoto Protocol marked a significant step in global climate action, it was criticized for not including major emitters like the United States and China in binding commitments. The protocol's second commitment period (2013-2020) was superseded by the more inclusive Paris Agreement, which took effect in 2016.