The Kyoto Protocol, the first international treaty to set legally binding targets to cut greenhouse gas emissions, was adoped 25 years ago, on 11 December 1997, in Kyoto, Japan.  ...

Raul Estrada-Oyuela, left, the negotiations’ chairman, and Hiroshi Oki of Japan’s Environmental Agency shook hands as the Kyoto Protocol was adopted in 1997. The Asahi Shimbun, via Getty Images ...

If U.N. climate talks drag on and Kyoto isn't extended, a major issue is what happens to the CDM after 2012, since the whole notion of binding emissions caps drives the market for the offsets.

Canada confirmed on Wednesday that it would not support an extended Kyoto Protocol after 2012, joining Japan and Russia in rejecting a new round of the climate emissions pact.