Japan`s national policy to meet its Kyoto target includes the purchase of GIS-sold AAA.  In 2010, Japanese and Japanese companies were the main customers of AAUs. :53 In the international carbon market, AAE trade is only a small part of the total market value. 9 In 2010, 97% of trade on the international carbon market was fuelled by the European Union`s Emissions Trading Scheme (ETS). :9 Companies regulated under the EU ETS cannot, however, use AAAs to meet their emission limits.  COP7 took place in Marrakech from 29 October 2001 to 9 November 2001 to define the final terms of the protocol. This political turnaround received a massive wave of criticism, quickly picked up by the international media. Environmental groups blew up the White House, while Europeans and Japanese expressed deep concern and regret. […] Almost all world leaders (China. B, Japan, South Africa, Pacific Islands, etc.) expressed their disappointment at Bush`s decision. The 2010 Cancun Agreements provide for voluntary commitments from 76 industrialized and developing countries to control their greenhouse gas emissions.  In 2010, these 76 countries were collectively responsible for 85% of annual global emissions.
  The Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC), adopted in December 1997, underscores the international community`s attitude to the phenomenon of climate change. The protocol came into force in 2005. The Kyoto Protocol provided that 37 industrialized countries and the EU would reduce their greenhouse gas emissions. Developing countries were invited to voluntarily commit and more than 100 developing countries, including China and India, were totally excluded from the Kyoto agreement. President Obama was elected with the widely held belief that shortly after taking office, he would take swift and decisive action to reach the world, reduce greenhouse gas emissions and thus contribute to the fight against global climate change. According to The American, Obama was widely expected to quickly adopt a National Cap-and-Trade Program, set in the style of Kyoto, that set the United States to conquer the moral summit in Copenhagen, and thus to encourage (or force) China and India to accept emissions targets.  The signing of the Kyoto Protocol appeared to be the first logical step, which surprised the rejection of the Kyoto Protocol for reasons similar to those of former President Bush. According to The American, “the fundamental shortcomings of the treaty have been well understood: it has set very ambitious – and costly – targets for the United States, while emissions from developing countries have continued to rise unchecked.