In 2005 the 'Ad-Hoc Working Group on Further Commitments for Annex I Countries under the Kyoto Protocol' (AWG-KP) was established to discuss further commitments for Annex I countries under the Kyoto Protocol. At the Climate Change Talks in Vienna in August 2007, the AWG-KP concluded that these discussions should be guided by a range of a total cut by developed countries in between 25% and 40% in 2020. This range is based on the most ambitious scenario presented by the IPCC so far to keep the global temperature rise in between 2.0 - 2.4 degree Celsius.     
 
In 2008 the AWG-KP will focus its work on an analysis of the possible tools and the rules available to developed countries to reach reduction commitments. It is important to first come to an agreement on the tools and rules, because the way in which countries can reach targets will determine for an important part their level of ambition when discussing new emission reduction targets for the period after 2012.  

The tools under analysis include:  

Emission trading and the so-called project based mechanisms (such as the Clean Development Mechanism that allows developed countries to meet
      part of their emission reduction target by investing in emission reduction projects in developing countries);
Land use, land-use change and forestry;    
Greenhouse gases, sectors and source categories to be covered;
Possible approaches for targeting emissions from specific sectors (for example energy intensive industries, such as the steel, aluminium, cement and
     paper and pulp sector)  
 
One of the main outcomes of the meeting of the group at the Bangkok Climate Change Talks was the agreement that the use of emission trading, the Clean Development and Joint Implementation should be continued. Furthermore, the group also agreed to continue the use of forest and land use-related activities as a means to achiever emission reductions. In Bonn discussions will continue. The AWG-KP is expected to get to an agreement on the ‘rulebook’ at its session in Climate Change Talks in Accra in August.  In 2009 the working group will continue working on identifying possible emission reduction targets for developed countries. This work should lead to an agreed outcome in Copenhagen in 2009.  

Source: UNFCCC Website