The 18th Conference of the Parties to the Kyoto Protocol (COP-18) has ended in Doha (Qatar), leading to the extension of the Kyoto Protocol by 8 years, from 1 January 2013 to 31 December 2020.
Annex I parties that have agreed to the second commitment period will review their quantified emission limitation or reduction objective (QELRO) during 2014; only parties with a QELRO under the second commitment period of the Kyoto Protocol are eligible to transfer and acquire second commitment period Kyoto units (CERs, ERUs, AAUs, RMUs). The withdrawal of Canada, Japan, Russia and New Zealand from the Kyoto Protocol and the refusal of the USA to ratify it will then limit the CO2 constraints to 15% of the world's emissions. The modest results lay the path for a more comprehensive international agreement for the post 2020 period to be agreed by 2015.
For the second period the EU has taken on an emissions reduction commitment in line with its domestic target of cutting emissions by 20% of 1990 levels by 2020, but has left the door open to stepping up this reduction to 30% if the conditions are favourable. The reduction commitment will be fulfilled jointly by the EU and its Member States, Croatia and Iceland. The targets of all countries participating in the second period will be revisited by 2014 with a view to considering raising ambition.