Markets & Policy
Kyoto Protocol
The earlier climate treaty that set quantified emission limits for developed countries and created the first international carbon markets.
Kyoto established binding targets for a group of developed countries and introduced three flexibility mechanisms, including emissions trading and the CDM.
Its architecture — targets, assigned amounts, units and registries — became the template for carbon accounting, even where later agreements replaced its structure.
Frequently asked questions
Is Kyoto still in force?
Its commitment periods have concluded; its institutional legacy persists in registries and methodologies.
What were assigned amount units?
The tradable allowances representing a country's permitted emissions under its Kyoto target.