[Environmental and economic perspectives of Belarus within the framework of ratification of the Kyoto protocol]

Global climate change has been one of the most contentious issues in international negotiations since the 1980s. At the 1992 United Nations Conference on Environment and Development in Rio de Janeiro - popularly known as the Earth Summit - most countries of the world adopted the United Nations Framework Convention on Climate Change (UNFCCC), which obligates them to work together to achieve the aim of stabilizing the atmospheric concentration of greenhouse gases (GHG) regardless of their level of development. The UNFCCC, however, did not contain specific plans to achieve this objective. That is why 158 countries reached a historical agreement on limiting GHG emissions in December 1997 in Kyoto (Japan). So-called Kyoto Protocol to the UNFCCC sets legally binding emissions targets for a basket of six greenhouse gases and schedule for Annex В countries. Annex В includes developed countries and countries with economies in transition. Together Annex В countries must reduce their emissions of GHG by 5,2 percent below 1990 levels over the commitment period 2008-2012. The Protocol will enter into force when it has been ratified by at least 55 parties whose GHG emissions represent at least 55 percent of the total emissions from all Annex В countries in the year 1990. It establishes three mechanisms - joint implementation (JI), the Clean Development Mechanism (CDM) and international emissions trading, which enable countries to meet their commitments at lower cost. Under JI Annex В countries (developed country and country with economy in transition) can jointly implement emissions reduction or sinks enhancement projects. The investor of the project is a developed country. After the realization of the project the investor can use "emission reduction units" (ERUs) for implementing his "kyoto" commitments. The project helps the host project country (country with economy in transition) to attract foreign investments. Through the CDM Annex В countries will be able to obtain the "certified emissions reductions" (CERs) from clean development projects implemented in non-Annex В countries (developing countries) and use them for the fulfillment of their commitments under the Kyoto Protocol. In addition to the two project-based mechanisms, the Protocol accepts the concept of emissions trading, under which one Annex В country or its juridical bodies would be allowed to purchase the rights to emit GHG from other Annex В countries or their regulated entities that are able to cut GHG emissions below their assigned amounts or their targets. Belarus is a Party of UNFCCC and now it is preparing to ratify the Kyoto Protocol. The Belarusian government supposes that GHG emissions quota, as for other countries with economies in transition, will be fixed on the level of 1990. It is approximately 120 million tons of carbon (MtC). The volume of GHG emission in 2000 was 52,3 MtC 0 became of economic decline of 1990s. It allows us to make a conclusion that Belarus will implement its responsibilities by Kyoto Protocol. Moreover, according to the forecast worked out within the framework of The First National Report on greenhouse gases inventory, GHG emissions will be 58...98 MtC in 2010. Thus, the country will be able to offer for sale 22...62 MtC annually on the international GHG offset market. Experts forecast that the price of 1t dioxide carbon will be 5...50 USD. That is the volume of assets obtained from the sale can be about 3 billion USD. But most countries with economies in transition such as Russia and Ukraine prefer to take part in joint implementation projects. These projects create additional possibilities for modernization of the economy, especially technical modernization of power engineering, introduction of modern energy resource saving technologies and for attraction of foreign investments. Moreover Belarus can keep discharge permits for the next period of Kyoto Protocol (2013-2017). Besides, participation in the Protocol can bring environmental benefits because reduction of GHG emissions leads to reduction of emissions of other pollutants