First commitment period

The carbon market has existed since before the entry into force of the Kyoto Protocol, when it was possible to observe, in the international market, a growing demand for greenhouse gas (GHG) emissions reductions, so that the ton avoided of equivalent carbon (tCO2e)...

Intergovernmental agreements, including protocols and amendments, are not legally valid until ratified by a certain number of countries. For the UNFCCC creation, it took 50 countries; as for ratifying the Kyoto Protocol, at least 55 countries were required...

After signing an international treaty, such as the Climate Change Convention or the Kyoto Protocol, a country has to ratify the commitment, often with the approval of its parliament or other legislature. The ratification instrument must be deposited with the UN...