The United Nations Framework Convention on Climate ChangeThe United Nations Framework Convention on Climate Change was established in 1992 at the Rio Earth Summit and currently has 189 signatory countries. It is aimed at stabilising atmospheric concentrations of greenhouse gases. (UNFCCC or FCCC) is an international environmental treaty that was formed with the goal of achieving stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent humans’ contribution to dangerous climate change.   The Kyoto ProtocolAn international agreement linked to the UNFCCC and sharing its aim of stabilising atmospheric concentrations of greenhouse gases, but requiring separate ratification by governments. The Kyoto Protocol, among other things, sets binding targets for the reduction of greenhouse-gas emissions by industrialized countries. It entered into force for ratifying countries in February 2006 and commits developed nations to collectively cut their greenhouse gas emissions by 5.2 per cent of 1990 levels by 2012. Came into force in Australia on 11 March 2008. is an agreement attached to the UNFCCC which sets targets for nations to reduce their GHGGreenhouse Gases in the earth's atmosphere absorb and re-emit infrared radiation. The Kyoto Protocol lists six major greenhouse gases, which vary in their relative warming effect. The six gases are: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), HFCs (hydrofluorocarbons), PFCs (perfluorocarbons) and sulphur hexafluoride (SF6). emissions.

The Protocol was initially adopted on 11 December 1997 in Kyoto, Japan and came into force on 16 February 2005. As of November 2009, 189 states have signed and approved the protocol.

Industrialised countries such as Australia (called "Annex I countries") commit themselves to a reduction of four greenhouse gases (GHG) (carbon dioxide, methaneMethane (CH4) is a greenhouse gas with a GWP of 21. , nitrous oxideAgriculture accounts for the majority of nitrous oxide (N2O) emissions in Australia, The transport sector also contributes to emissions of N2O. N2O has a high global warming potential of about 310 times that of CO2.it breaks down very slowly – over about 120 years, sulphur hexafluride) produced by them. All member countries give general commitments to reduce GHG themselves. Annex I countries agreed to reduce their collective greenhouse gas emissions by 5.2% from the 1990 level.

Australia ratified the Kyoto Protocol in November 2007 and the agreement took effect in March, 2008. This agreement quantified Australia’s emissions and reporting commitments under the United Nations Framework Convention on Climate Change (UNFCCC). This means that all emissions counted in the Australia’s National Greenhouse Accounts (this includes energy - electricity, stationary energy and transport; fugitive emissions; industrial processes; waste and agriculture) are now aggregated to be the sum measured for Australia under the Kyoto Protocol. If this is beyond the national target, Australia will be forced to buy permits from the international market. If it is below, Australia will be able to sell permits to the international market.

Importantly, because the emissions produced by all these sectors are now counted within Australia’s international commitment, domestic carbon offset projects in counted (or ‘covered’) sectors can no longer be termed ‘additional’. I.e. emission reductions that offset projects were providing will have to happen anyway for Australia to fulfil Kyoto’s legally binding target. For example, GreenPower emission reductions are counted toward the energy sector as an aggregate total, therefore buying GreenPower will not have any (additional) effect on the sum total emission reductions that Australia will reduce. This is similar across all the covered sectors of Australia’s economy.

The Copenhagen Accord is the most recent formal addition to the policy discussions. It is a document that delegates at the United Nations Climate Change Conference (UNCCC) agreed to "take note of" at the final plenary session of the conference on 18 December 2009 (COP-15). It is a draft COP decision and, when approved (individual countries submissions were due 31st January 2010), is operational immediately.

References

Full text of the Kyoto Protocol
http://unfccc.int/resource/docs/convkp/kpeng.html

United Nations Framework on Climate Change (UNFCC) website, Kyoto Protocol page
http://unfccc.int/kyoto_protocol/items/2830.php

Status of Ratification of the Kyoto Protocol
http://unfccc.int/kyoto_protocol/status_of_ratification/items/2613.php

Kyoto Protocol to the United Nations Framework Convention on Climate Change – (law) fully indexed and cross linked with other documents
http://law-ref.org/KYOTO/index.html

The Copenhagen Accord
http://unfccc.int/resource/docs/2009/cop15/eng/l07.pdf

Information about The Copenhagen Accord (Non-independent)
http://en.wikipedia.org/wiki/Copenhagen_Accord#References

Who’s on board with The Copenhagen Accord?
http://www.usclimatenetwork.org/policy/copenhagen-accord-commitments

Australia's National Greenhouse Accounts
http://www.climatechange.gov.au/climate-change/emissions.aspx