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CARBON PRICES A Climate Change Projects Office Guide IN ASSOCIATION WITH DEPARTMENT FOR ENVIRONMENT FOOD AND RURAL AFFAIRS CARBON PRICES 1 Background The DTI drives our ambition of ‘prosperity for all’ by working to create the best environment for In 1997, almost 200 countries signed the Kyoto Protocol to the Climate business success in the UK. Convention. The most important agreement was to establish quantitative targets We help people and companies for greenhouse gas emissions in developed countries. Developed countries may become more productive by meet their targets through a combination of domestic climate change activities and promoting enterprise, innovation and creativity. the use of the Kyoto Flexible Mechanisms. These flexible mechanisms include the Clean Development Mechanism (CDM), Joint Implementation (JI) and International We champion UK business at home Emissions Trading (IET).