Background
The Kyoto Protocol is a landmark international treaty focusing on the reduction of greenhouse gas emissions globally. Signed in 1997, the treaty became a significant step in collective international efforts to address and mitigate the impacts of global warming.
Historical Context
Initiated under the United Nations Framework Convention on Climate Change (UNFCCC), the Kyoto Protocol builds upon the environmental regulations and frameworks established during the Earth Summit held in Rio de Janeiro in 1992. The protocol came into play to enforce definitive emission reduction targets for industrialized nations as part of global climate governance.
Definitions and Concepts
The Kyoto Protocol is defined as:
An international agreement signed in 1997, designed to reduce emissions of greenhouse gases in the interests of controlling global warming. Some critics have denounced the protocol as quite inadequate for its declared purpose. It has been ratified by the European Union, but not by the US, which considers the reductions proposed to be impracticable. In 2011 the parties to the Protocol agreed to finalize a more stringent successor treaty by 2015; however, in 2012 the Protocol was extended to 2020.
Clarifications:
- Greenhouse gases (GHGs): Emissions such as carbon dioxide (CO₂), methane (CH₄), and nitrous oxide (N₂O), which trap heat in the atmosphere causing global warming.
- Global Warming: The long-term rise in Earth’s average temperature primarily due to human activities.
Major Analytical Frameworks
Classical Economics
Classical economics, with its primary focus on market-driven solutions, might critique the Kyoto Protocol for government intervention in markets which, theoretically, could find natural balances in emissions control.
Neoclassical Economics
Neoclassical economics, stressing efficiency and optimization, could highlight the protocol’s potential ineffectiveness and economic impacts, advocating for market-based mechanisms like carbon trading.
Keynesian Economics
This framework might endorse the Kyoto Protocol by arguing that government intervention is necessary for addressing the aggregate demand in environmental protection, despite acknowledging the protocol’s limitations.
Marxian Economics
Marxian economists may argue that the protocol reflects capitalist inefficiencies and the disproportionate focusing on industrialized economies while overlooking the capacity building needs of developing nations.
Institutional Economics
Institutional economics might emphasize the usefulness of international agreements like Kyoto Protocol in shaping institutional norms and regulatory frameworks, despite potential enforcement and equity concerns.
Behavioral Economics
Behavioral economics could shed light on the psychological and social barriers toward significantly altering state and corporate behaviors to fulfill protocol’s emission targets.
Post-Keynesian Economics
In post-Keynesian view, the detailed planning, state intervention, and long-term projects envisioned under the Kyoto Protocol align with the principles to combat economic instability and environmental unpredictability.
Austrian Economics
Austrian economists might critique the protocol for its top-down approach, advocating instead for decentralized, voluntary measures taken up by individuals and corporations based on their preferences and incentives.
Development Economics
This focuses on how development policies like agreements under the Kyoto Protocol impact developing nations differently and the necessity for compensatory measures to ensure equity and sustainable development.
Monetarism
Monetarism could critique the Kyoto Protocol for potential inefficiency and inflationary pressures on energy prices, stressing the importance of market mechanisms for environmental solutions.
Comparative Analysis
Comparatively, different economic frameworks offer varied critiques and supports of the Kyoto Protocol based on their underlying principles regarding state intervention, market mechanisms, and global equity.
Case Studies
Some case studies for further understanding include:
- The European Union’s implementation of emission trading systems modelled after the Kyoto mechanisms.
- Analysis of Japan and Canada’s approach post-Kyoto.
- US opting out of the protocol and its implications.
Suggested Books for Further Studies
- “Climate Change and Development” by Thomas Tanner and Leo Horn-Phathanothai
- “Markets and the Environment” by Nathaniel O. Keohane and Sheila M. Olmstead
- “After the Kyoto Protocol: Private Property, Greens, and Planet Conservations” by Robert J. Smith
Related Terms with Definitions
- Paris Agreement: The successor to Kyoto Protocol, adopted in 2015, aiming for enhanced global climate actions post-2020.
- Carbon Trading: Market-based system aimed at providing economic incentives for reducing industrial greenhouse gas emissions.
- Green Climate Fund (GCF): A fund established to support developing countries in climate change adaptation and mitigation practices.
