The Kyoto Protocol effect on Economics
In the movie Day after tomorrow, an apocalyptic event is shown to occur. In the movie an excess of global warming causes a change in the ocean currents resulting in a global crisis. Even though the movie is heavily dramatized, it still has a sense of truth. In the movie the United Nations mention something called the Kyoto protocol. The Kyoto Protocol is a plan developed by the UNFCC, (United Nations Framework Convention on Climate change) it was signed by different countries agreeing to cut down on fuel and other emissions of green house gases on December 1997 at the city of Kyoto, Japan. The Kyoto protocol has three main ideas; the first pertains to the issue regarding Bush not signing the protocol, the second main idea is; how would the Kyoto protocol effect consumer’s if it was ratified in the United States? The third is what impact would the Kyoto protocol have on American trade and Industries if it was implemented?
The protocol started in 2005 and is supposed to end this year. The protocol plans are to reduce the emission of the 6 major greenhouse gases which include; Co2, Methane, Nitrous Oxide, Sulfur hexafluoride, HFC, and PFC’s. Although many countries have signed the agreement, not many countries have actually ratified the agreement. Countries that refuse to join the Kyoto protocol but signed are, Canada, Australia and the United States under the bush administration. These two countries refused to join the protocol despite being countries with the most fuel emissions, because they claimed that it would
impact the economy in a very negative manner. Each Country that signed the agreement is given specific regulations and goals. The UNFCC agreed upon an average goal of reducing emission by 5.2 % below the initial amount in 1990 by the end of 2012. But other countries had different goal limits such as the USA. UNFCC gave the United States the goal of reducing emissions by 7% below the initial amount because of their fuel emission amounts. Other countries however were given lower amounts because of their status. An example of this would be China and India, which were not required to cut down green house gases because they are considered developing countries. This seems a little unfair because china’s emissions of green house gases surpassed us a long time ago, but they have to take account of the population and other subjects. That is why China is allowed more freedom. In 2005, 8 years after the initial signing of the protocol, Bush decided to withdraw from the plan. Bush claimed that if the USA were to ratify this plan it would greatly impact the U.S economy in a negative manner. Bush believed that it wasn’t fair that china and India were exempted from the protocol, while the U.S.A was not because the three of them are in the top 10 for the most fuel emissions by countries. Bush made the correct decision in not signing the protocol, mainly because the USA would suffer...