This agreement, which is the product of nearly a decade of deliberations, represents a compromise among governments with sharply divergent views of the climate problem. It is the first solid step toward the ultimate goal of stabilizing the atmosphere in the next decade.

Worldwatch climate analyst and senior vice-president Christopher Flavin returned to Washington this morning, where he is available to discuss the agreement.

Flavin was in Kyoto for 10 days as an official observer of COP 3, and met there with Vice-President Al Gore and other government officials as well as representatives of business and non-governmental organizations. Institute researcher Seth Dunn remains in Kyoto where he is following the final negotiations.

Among the key elements of the draft agreement is a requirement that the U.S. cut its emissions by at least 5 percent by 2010, while Europe's emissions are to be cut 8 percent. The new protocol also includes a Clean Development Fund to assist in the transfer of new energy technologies to developing nations, as well as a new emissions trading system among industrial countries. From the Kyoto conference Worldwatch Institute was informed by Christopher Flavin that:

"After nearly two weeks of slow and divisive negotiations, key elements of the Kyoto climate protocol have suddenly fallen into place in the last 48 hours.

"Although it contains a few worrisome loopholes, the new protocol includes new emissions requirements that will push the world toward a less carbon-intensive economic system over the next decade. Markets for coal and oil may be hurt, but a multi-billion dollar boom in new energy technologies appears likely."