Emissions Trading Greenhouse gas emissions a new commodity Parties with commitments under the Kyoto Protocol (Annex B Parties) have accepted targets for limiting or reducing emissions. These targets are expressed as levels of allowed emissions, or assigned amounts,at over the 2008-2012 commitment period. The allowed emissions are divided into assigned amount units (AAUs). Emissions trading, as set out in Article 17 of the Kyoto Protocol, allows countries that have emission units …