25_july_bonn

wednesday 25th july 2001

kyoto deal is done

Russia made last minute efforts to delay adoption so as to blackmail Parties into allowing more ëhot airí: a larger volume of lucrative sinks 'credits' valuable in future global ëcarbon creditsí markets. Russia is expected to meet its Kyoto targets easily, since economic decline has led to a reduction in industrial output of carbon dioxide, but wider usage of "carbon sinks" would allow it to sell spare capacity to other states. The emissions trading component of the Kyoto Protocol constitutes one of its major get-out clauses: a market in 'hot airí.

Friends of the Earth International Climate Campaigner Kate Hampton commented:

"Overcoming the efforts of Bush and other fossil fuel fossils to undermine the treaty in Bonn is only the first step. Governments have approved and adopted the agreement, now they must ratify. A victory for international cooperation, science and our common humanity here in Bonn has been justifiably celebrated, but Bonn was the just the start, the ratification process at home is now key. With a 2002 ratification deadline much is still at stake - and the climate will not wait."