The Kyoto Protocol set its first step on a social cause, i.e. contributing to ‘Combat climate change’. Today, it has developed into an effective & highly industry driven ‘global business plan’ wherein profits, brownie points (carbon credits) and trading of brownie points go hand in hand. Kyoto involves the developed, developing and least developed nations. India and China are major markets for Clean Development Mechanism (CDM) projects.
Each element of the CDM, right from the project design document to registration of a project is a business in itself involving positioned tailor-made entities at every stage. Tools like perform trade and achieve, renewable energy certificates, could act as close complements to the Protocol.
In addition, sustainability reporting & corporate social responsibility aimed towards fulfilling socio-economic and environmental obligations could prove to be effective tools of brand building as well.
To summarize, it isn’t feasible for nations to let go of such offbeat, yet fairly consistent sources of income and brand management, just owing to ‘documented’ deadlines. The ‘so called’ end to Kyoto shall only give rise to its closest substitute in the form of a similar, innovative business mechanism, differently named, but ultimately contributing to its principal cause ‘Combat climate change’.