The protocol which was recently pushed by the ratification of the Russian Federation, requires the 55 countries that are parties to the convention, to reduce their carbon emissions. "This is a historic step forward in the worlds efforts to combat a truly global threat," said United Nations Secretary-General Kofi Annan upon receipt of Russia’s commitment.
"Most important, it ends a long period of uncertainty. Those countries who have ratified the Protocol, and which have been trying to reduce emissions of greenhouse gases even before its entry into force, now have a legally binding obligation to do so."
The Philippines signed the protocol on April 15, 1998 and ratified it on Nov. 30, 2003. Through Executive Order 320, signed by President Arroyo on June 25, 2004, the Department of Environment and Natural Resources (DENR) was designated as the national authority for Clean Development Mechanism (CDM).
A multi-stakeholders meeting led by the DENR to consult with various sectors on the proposed CDM approval process was held at the Holiday Inn Hotel in Ortigas Center on Feb. 16. It aimed to present the national CDM process to sectors that have been participating in the Kyoto Protocol Inter-Agency Committee on Climate Change. It was conducted by the Manila Observatory Klima Center.
Latest report of the Intergovernmental Panel on Climate Change states that in the most up-to-date scientific research human emission of carbon dioxide and other greenhouse gases will raise the global average by 1.4 to 5.8 percent and will subsequently affect weather patterns, water resources, climate events and ecosystems conditions.