Finally, the Kyoto Protocol goes into effect on February 16. What is the Kyoto Protocol? It was adopted in late 1997 to address the problem of global warming by reducing the world’s greenhouse gas emissions. It is considered a first step and is not expected to solve the world’s climate change problems by the time its first commitment period ends in 2012. Kyoto sets out an agenda for reducing greenhouse gas emissions by roughly five per cent from 1990 levels over a five-year average between 2008 and 2012.

Depending on who one talks to, the Kyoto Protocol is either a) an expensive, bureaucratic solution to fix a problem that may not even exist ; or b) the last, best chance to save the world from the “time bomb” of global warming. Those are the extremes in what has become a polarizing debate that has engaged governments, consumers, environmental groups and industry all over the world for more than 20 years.

The problem the Kyoto Protocol is trying to address is climate change, and more specifically, the speed at which the earth is warming up. Whether Kyoto can accomplish this is very much a matter of debate.