Controlling Pollution
In December 1997, 160 nations meeting in Kyoto, Japan agreed to cut back emissions of carbon dioxide and other greenhouse gases. While ratified by only a very small number of countries so far, the "Kyoto Protocol" calls for industrial countries to reduce their average emissions during 2008-12 to about 5 percent below 1990 levels. Some countries pledged to go further: the European Union set an 8 percent target, while the Unites States and Japan agreed to cut emissions by 7 and 6 percent, respectively. The Protocol allows some industrial countries to modestly increase their emissions in the near term, while special terms apply to members of the former Soviet Union. Since developing countries face potential technical and economic constraints, the Protocol does not oblige them to cut back their emissions.

Because the proposed targets are likely to impose large costs on the global economy, the Kyoto agreement sets the stage for long and complex discussions at the national and international levels. A key issue is how these costs will be shared among countries. While recent public opinion polls show greater concern about climate change and some willingness to share burdens to curb greenhouse gas emissions, recent events in energy markets provide evidence that the public is unwilling to accept significant hikes in energy prices or other costs. If countries prove unwilling to ratify the Kyoto Protocol in its present form, however, the discussions will undoubtedly continue.