The 1997 Kyoto Treaty (Kyoto Protocol to the United Nations Framework Convention on Climate Change) established a TEQ ‘club’, which trades emissions permits among its members (see also Chapter 11). The Treaty commits the industrialised nations to reducing greenhouse gas emissions by around 5.2 per cent below the 1990 levels by 2012 (at the time of writing – late 2005 – a number of signatory countries were unlikely to meet their goals). Modified at Bonn in 2002 the Treaty waited a few years for Russia and some nations to sign. The Protocol came into force in February 2005, and its key elements are: