Under the Kyoto Protocol, developed countries have promised to reduce their annual hydrocarbon emissions by an average of 5.2% by 2012. This figure would represent about 29% of global greenhouse gas emissions. However, the objectives depended on the country concerned. This meant that each nation had a different goal to achieve by this year. Members of the European Union (EU) have pledged to reduce emissions by 8%, while the United States and Canada are committed to reducing their emissions by 7% and 6% respectively by 2012. The protocol is based on the principle of common but different responsibilities: it recognises that different countries have different capacities in the fight against climate change due to economic development and is therefore committed to reducing the current emissions of industrialized countries on the basis of the historical responsibility of current greenhouse gases. 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 protocol divided countries into two groups: Schedule I included industrialized countries and non-annex I referred to developing countries. The protocol has set emission restrictions only for Schedule I countries. Non-Schedule I countries have participated in projects to reduce emissions in their countries.
The Kyoto Protocol to the United Nations Framework Convention on Climate Change came into force in 2005 and has been ratified by all 33 countries in Latin America and the Caribbean. It applies the principle of common but differentiated responsibilities and sets binding targets for reducing greenhouse gas emissions for industrialized countries and recognises them as the main culprits for the high levels of emissions currently in the atmosphere. November 2, 1998 – 160 nations meet in Buenos Aires to work out the details of the protocol and develop the “Buenos Aires Action Plan.” November 10, 2001 – Representatives from 160 countries meet in Marrakech, Morocco, to work out the details of the protocol. The economic basis for this flexibility lies in the fact that the marginal cost of reducing (or reducing) emissions varies from country to country. 660 “marginal costs” are the costs associated with eviscerating the last tonne of CO2-eq for part of Schedule I/non-Annex I. At the time of the initial Kyoto targets, studies suggested that flexibility mechanisms could reduce the total (total) cost of achieving the targets.  Studies have also shown that national losses in Schedule I of gross domestic product (GDP) could be reduced by the use of flexibility mechanisms.  18 November 2004 – The Russian Federation ratifies the protocol.