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OXFORD REVIEW OF ECONOMIC POLICY, VOL. 19, NO. 3, PP. 451-466
© 2003 Oxford University Press and the Oxford Review of Economic Policy Limited

The Kyoto Protocol: A Review and Perspectives

Christoph Böhringer
Centre for European Economic Research (ZEW), Mannheim1

Abstract

International concern about climate change has led to the Kyoto Protocol, negotiated in 1997, which contains legally binding emission targets for industrialized countries to be achieved during the commitment period 2008–12. While proponents of the Protocol celebrate it as a breakthrough in international climate policy, opponents say that its approach, namely setting targets and timetables for emission reductions, is seriously flawed. This paper provides a critical assessment of the Protocol's potential performance and discusses amendments to foster its effectiveness and efficiency. It concludes that, even without any effective emission reductions in the initial commitment period, the ratification of Kyoto is important for the further policy process of climate protection. The Kyoto Protocol has established a flexible, broad-based, international mechanism that provides a valuable starting point for shaping efficient climate policies in the future.


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