Econ

The Kyoto Protocol effect on Economics

In the movie Day after tomorrow, an apocalyptic event is shown to occur. In the movie an excess of global warming causes a change in the ocean currents resulting in a global crisis. Even though the movie is heavily dramatized, it still has a sense of truth. In the movie the United Nations mention something called the Kyoto protocol. The Kyoto Protocol is a plan developed by the UNFCC, (United Nations Framework Convention on Climate change) it was signed by different countries agreeing to cut down on fuel and other emissions of green house gases on December 1997 at the city of Kyoto, Japan. The Kyoto protocol has three main ideas; the first pertains to the issue regarding Bush not signing the protocol, the second main idea is; how would the Kyoto protocol effect consumer’s if it was ratified in the United States? The third is what impact would the Kyoto protocol have on American trade and Industries if it was implemented?

The protocol started in 2005 and is supposed to end this year. The protocol plans are to reduce the emission of the 6 major greenhouse gases which include; Co2, Methane, Nitrous Oxide, Sulfur hexafluoride, HFC, and PFC’s. Although many countries have signed the agreement, not many countries have actually ratified the agreement. Countries that refuse to join the Kyoto protocol but signed are, Canada, Australia and the United States under the bush administration. These two countries refused to join the protocol despite being countries with the most fuel emissions, because they claimed that it would

Yang 2 impact the economy in a very negative manner. Each Country that signed the agreement is given specific regulations and goals. The UNFCC agreed upon an average goal of reduc...

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... fossil fuels. Reduction in these industries will have an impact on other related industries; an example would be the Oil and gas and

Yang 4 coal mining industries. Cars and gas will also be heavily regulated and the entire industry will collapse.

In conclusion, the Kyoto protocol had good intentions and was a good start, but it possessed many flaws that brought it down. Putting heavy restriction on the USA and not on other countries was a very bad Idea. The Kyoto protocol practically died when the USA opted out of it. 2 main factors contributed to the U.S deciding to leave the protocol, these include; unfair restrictions placed on the U.S, and the negative impact it will have on the U.S economy. All in all, I think that the Kyoto protocol was a great start to address the global warming issue but it had several critical flaws that ultimately caused its downfall.