The Convention on Climate Change had decided that a review conference would be held after five years. Hence, a conference on climate change was held at Kyoto in Japan to review the progress made in five years and to chalk out plans, and to fix strategies and objectives for the future. More than 150 countries participated. One of the major decisions at the summit was the target set for 24 industrialized countries for reducing the emission of greenhouse gases from the 1990 levels. For example, the target for the European Union was to reduce emission by 8 % from the 1990 levels, the USA by 7 %, and Japan by 6 %. The 142 targets for the other countries were an average reduction of 5 %. These targets were to be achieved by 2012. Developing countries like India and China were exempted from such commitments because their per capita emission was much lower than that in industrialized countries. Terms, each a significant development was the protocol on the trading of emission credits among all countries as part of the clean environment mechanism. In simple country is entitled to a certain level of emission. Kyoto to allow trade between countries who don't use up their entitlement and this was aimed to ensure that developed countries implemented and paid for clean technology in developing countries. The protocol was signed by 120 countries. I was decided at those who exceeded it.

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