Does this relate to the Kyoto Protocol in any way?

Sandbag is currently focusing on the EU emissions trading scheme, but this is actually just a tool for the EU to meet its target under the Kyoto Protocol. The Kyoto Protocol set out to reduce developed countries emissions by 5% compared to 1990 levels. It too issues permits up to the level of a cap and allows trading between countries that have caps. The allowances created under the EU scheme count towards Kyoto targets too, so each certificate we buy from the EU scheme also helps the EU meet its target under Kyoto.