The first principle of the UNFCCC states: "The Parties to the Convention should protect the climate system for the benefit of present and future generations of humankind, on the basis of equity and in accordance with their common but differentiated responsibilities and respective capabilities. Accordingly, the developed country Parties should take the lead in combating climate change and the adverse effects thereof."

Following the Convention, the Parties to the Convention agreed at its third Conference of the Parties held in Kyoto, Japan, in 1997, on a framework for initiating steps to curtail or possibly reverse the growth of GHG emissions - the Kyoto Protocol . The Kyoto Protocol set binding targets for reductions by the so-called Annex-I countries (i.e. industrialized countries and the countries in transition) . The Protocol is expected to take effect as early as by end of 2002.