The Kyoto Protocol is a legal agreement, monitored by the United Nations, in which the signatory nations have agreed to reduce 'dangerous anthropogenic [man-made] interference with the climate system'. That is, to reduce emissions of greenhouse gases. After a great deal of heated debate, the participating countries have signed up to reduce six key greenhouse gases (carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, and sulphur hexafluoride). The reduction targets must be achieved between 2008 and 2012 and, in theory, a country can be prosecuted if it fails to do so.
The target reductions vary from nation to nation. The developed countries have clubbed together to achieve a combined minimum reduction of 5% in their collective emissions. To do this, Switzerland, most Central European and Eastern European states and the European Union must reduce greenhouse gasses by 8%. The EU will meet its 8% group target by distributing different rates among its member states – the UK's target is 12.5%. The US was to reduce its emissions by 7%, but has since pulled out of the agreement. Canada, Hungary, Japan and Poland are to reduce by 6%. Russia, New Zealand and Ukraine must stabilise their emissions. While Norway may actually increase their emissions by up to 1%, Australia up to 8%, and Iceland 10%, if they so wished.
In reality, the cuts will have to be much larger as many nations have actually increased emissions since 1990, so a greater reduction will be needed to return levels to pre-1990 amounts, as the protocol requires.