The third meeting of the Conference of Parties (COP-3) of the UN Framework Convention on Climate Change (UNFCCC) concluded with the signing of the Kyoto Protocol (UNFCCC 1997). After much political wrangling and an extended all night negotiation session, delegates agreed to a Protocol that mandates specific emissions limits for industrialized countries and economies in transition (collectively listed as Annex I countries). The Protocol mandates that the average anthropogenic carbon dioxide (CO2) equivalent emission of each Annex I country should be no more than its agreed allowance in the ‘first quantified emission limitation commitment period’ which is defined as the five years between the beginning of 2008 and the end of 2012 (UNFCCC 1997, Article 3.7). The base-period for most countries in Annex I is 1990. The exceptions, which were granted during COP-2 (UNFCCC 1996, decision 9/CP.2), are Bulgaria (1989), Hungary (1985-87), Poland (1988) and Romania (1989).