Policy makers generally regulate the GHG emissions over which they have jurisdiction, leading to the use of territorial emission accounts in climate policy (Peters et al, 2009). Since in the United Nations Framework Convention on Climate Change (UNFCCC) and its Kyoto Protocol applies "common but differentiated responsibilities and respective capabilities", climate policies are most prominent in developed countries. Since the developed countries represent a decreasing share of global emissions, climate policies have had limited effect in reducing the growth in global emissions.