What International Agreement Attempted To Reduce Greenhouse Gas Emissions
As Milton Friedman said, economic and political freedom can be achieved by capitalism; Nevertheless, it is never guaranteed that we will have the equality of wealth of those who are at the top of the “food chain” of this capitalist world. All these changes come to what citizen leaders want to pass on to improve their lifestyles. In the case of the Kyoto Protocol, regulations must be adopted to reduce the production of pollutants to the environment. In addition, attempts are being made to endanger the freedoms of private and public citizens. On the one hand, it imposes more important regulations on companies and reduces their profits, as they have to comply with these regulations with often more expensive production alternatives. On the other hand, it tries to reduce the emissions that cause the rapid environmental change called climate change. At COP13 in Bali, 36 contact group countries (plus the EU as a party to the European Union) agreed on a 10% increase in emissions for Iceland; However, since EU Member States each have individual commitments, much larger increases (up to 27%) are allowed for some of the least developed EU countries (see Below the Kyoto Protocol#Increase in greenhouse gas emissions since 1990).  The reduction restrictions expired in 2013. The agreement has been formally ratified by 79 of the 191 parties that have signed it, including the United States, accounting for a total of 60 percent of global greenhouse gas emissions. It will officially enter into force on 4 November.
Overall, the 36 countries that have fully participated in the Protocol have committed themselves to reducing their total emissions by 4 per cent compared to the base year 1990. Their average annual emissions in 2008-2012 were 24.2% below 1990 levels. In doing so, they have far exceeded their overall commitment. Including the United States and Canada, emissions decreased by 11.8%. The significant cuts were mainly due to the dissolution of the Soviet Union, which reduced the Eastern bloc`s emissions by tens of percent in the early 1990s. In addition, the 2007/08 financial crisis significantly reduced emissions during the first Kyoto commitment period.  Gross domestic product (GDP) is the most widely used measure of national economic output. Maintaining economic growth in terms of GDP is a generally accepted indicator of economic success. Although different countries calculate GDP slightly differently and the activities included or excluded in the measure can be discussed, GDP remains a fundamental benchmark for economic performance.
Therefore, the amount of greenhouse gas emissions per unit of GDP should be considered a key indicator (NGRS, 1995) Many cities, companies and organizations are considering reducing their emissions and are following the UNFCCC`s call to become carbon neutral by the second half of the century. In the United States, more than six hundred local governments [PDF] have detailed climate action plans that include emissions reduction targets, despite the federal government`s withdrawal from the Paris Agreement. Meanwhile, investors are investing more money in climate-friendly funds. In early 2020, BlackRock, the world`s largest asset manager, announced that it would avoid investing in companies with severe climate risks. Large companies like Amazon and Starbucks have also committed to carbon neutrality. Some have gone even further, saying they will be carbon negative, removing more carbon from the atmosphere than they release. However, critics have accused some of these greenwashing companies of presenting themselves as environmentally conscious while continuing to have harmful practices. If countries step up their commitments and the U.S.
safeguards the treaty, some experts hope the Paris Agreement could reduce emissions fairly quickly. They say it`s promising that dozens of countries have committed to tracking net-zero emissions over the next few decades and increasing their use of renewable energy. .