Abstract

This paper proposes a new environmental agreement which builds on the existing Kyoto Protocol, called Seoul Protocol in this paper. Focusing on fully utilizing the existing Clean Development Mechanism (CDM) and allowing developing countries to reach a status when they can bear environmental responsibility, we aim to attain two goals: increased compliance of the new protocol from both developed and developing countries, and the improvement of the current CDM system. We address major problems of the Kyoto Protocol while retaining some of the more effective measures. The new protocol seeks to meet the necessity of a measure allowing developing nations to take environmental responsibility through the Incorporated System of Clean Development (ISCD). This system combines the existing CDM system with Fair Trade to build up the social and economic infrastructure of developing countries. Seoul provides a period of seven years during which developing nations would be exempt from binding targets; after seven years all nations will be subject to binding reduction targets.