Kyoto Protocol : Signed on 11th December 1997. Entered into force from 2005.
The Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) is an international treaty that sets binding obligations on industrialized countries to reduce emissions of greenhouse gases. The UNFCCC is an environmental treaty that aims at preventing “dangerous” anthropogenic interference of the climate.
UNFCCC identifies the developed nations as principally responsible for the increase in Green house gasses and places a heavier burden on these nations for the reduction in emission.
Kyoto protocol is a legal binding on the developed nations (those who have accepted it) to reduce/limit the emission of green house gasses. The United States signed but did not ratify the Protocol and Canada withdrew from it in 2011.
Under this protocol the developed nations can trade their emission quotas among themselves and can receive credit for financing emission reductions in developing countries. Developed nations may use emission trading till 2014/2015 to meet 1st round of target.
Under the Kyoto protocol developing nations do not have binding targets but are committed to the treaty to reduce their emission.