1.   The Parties agree to fulfil their quantified emission limitation and reduction commitments for the second commitment period inscribed in the third column of Annex B to the Kyoto Protocol jointly, in accordance with the terms of the joint fulfilment.

2.   To that end, Iceland shall take all necessary measures in order to ensure that its aggregate anthropogenic carbon dioxide equivalent emissions in the second commitment period of the greenhouse gases listed in Annex A to the Kyoto Protocol from sources and sinks covered by the Kyoto Protocol, which do not fall under the scope of the ETS Directive, do not exceed its assigned amount set out in the terms of the joint fulfilment.

3.   Without prejudice to Article 8 of this Agreement, Iceland shall, at the end of the second commitment period, and in accordance with Decision 1/CMP.8 and other relevant decisions of the UNFCCC or Kyoto Protocol bodies, and the terms of the joint fulfilment, retire from its national registry AAUs, CERs, ERUs, RMUs, tCERs or lCERs equivalent to the greenhouse gas emissions from sources and removals by sinks covered by its assigned amount.

1.   The legal acts listed in Annex 1 of this Agreement shall be binding upon Iceland and rendered applicable in Iceland. Whenever the legal acts included in that Annex contain references to the Member States of the Union, the references shall, for the purposes of this Agreement, also be understood as being references to Iceland.

2.   Annex 1 of this Agreement may be amended by a Decision of the Joint Fulfilment Committee established by Article 6 of this Agreement.

3.   The Joint Fulfilment Committee may decide on further technical modalities on the application to Iceland of the legal acts listed in Annex 1 of this Agreement.

4.   In the case of amendments to Annex 1 of this Agreement that require changes in primary legislation in Iceland, the entry into force of such amendments shall take into account the time that is required for the adoption of such changes by Iceland and the need to ensure compliance with the requirements of the Kyoto Protocol and decisions.

5.   It is of particular importance that the Commission follow its usual practice and carry out consultations with experts, including experts from Iceland, before adopting delegated acts included or to be included in Annex 1 of this Agreement.

1.   Iceland shall, by 15 April 2015, submit to the Secretariat of the UNFCCC a report to facilitate the calculation of its assigned amount, in accordance with this Agreement, the requirements of the Kyoto Protocol, the Doha Amendment and decisions adopted thereunder.

2.   The Union shall prepare a report to facilitate the calculation of the assigned amount of the Union and a report to facilitate the calculation of the joint assigned amount of the Union, its Member States and Iceland (‘the joint assigned amount’), in accordance with this Agreement, the requirements of the Kyoto Protocol, the Doha Amendment and decisions adopted thereunder. The Union shall submit these reports to the Secretariat of the UNFCCC by 15 April 2015.

1.   A Joint Fulfilment Committee, consisting of representatives of the Parties, is hereby established.

2.   The Joint Fulfilment Committee shall ensure the effective implementation and operation of this Agreement. To that end, it shall take the decisions provided for in Article 4 of this Agreement and carry out exchanges of views and information related to the implementation of the terms of the joint fulfilment. The Joint Fulfilment Committee shall take all decisions by consensus.

3.   The Joint Fulfilment Committee shall meet at the request of one or more Parties, or on the initiative of the Union. That request shall be addressed to the Union.

4.   The members of the Joint Fulfilment Committee representing the Union and its Member States shall initially be the representatives of the Commission and of the Member States also participating in the Climate Change Committee of the European Union, which was established in accordance with Article 26 of Regulation (EU) No 525/2013 of the European Parliament and of the Council (1). Iceland's representative shall be appointed by its Ministry for the Environment and Natural Resources. The meetings of the Joint Fulfilment Committee shall be arranged, whenever possible, adjacent to those of the Climate Change Committee.

5.   The Joint Fulfilment Committee shall adopt its rules of procedure by consensus.

1.   This Agreement is concluded for the time period until the end of the additional period for fulfilling commitments in the second commitment period of the Kyoto Protocol or until any questions of implementation under the Kyoto Protocol for any of the Parties, related to that commitment period or the implementation of the joint fulfilment, are resolved, whichever is the later. This Agreement cannot be terminated before then.

2.   Iceland shall notify the Joint Fulfilment Committee of any failure or impending failure to apply the provisions of this Agreement. Any such failure must be justified to the satisfaction of its members within 30 days of its notification. Otherwise, the failure to apply the provisions of this Agreement constitutes a breach of this Agreement.

3.   In case of a breach of this Agreement or an objection by Iceland to amend its Annex 1 in accordance with Article 4, paragraph 2, Iceland shall account for the aggregate anthropogenic carbon dioxide equivalent emissions from sources and removals by sinks in Iceland covered by the Kyoto Protocol in the second commitment period, including emissions from sources covered by the European Union scheme for greenhouse gas emission allowance trading, against its quantified emission reduction objective included in the third column of Annex B of the Kyoto Protocol and, at the end of the second commitment period, retire from its national registry AAUs, CERs, ERUs, RMUs, tCERs or lCERs equivalent to those emissions.

1.   This Agreement shall be ratified by the Parties in accordance with their respective national requirements. Each party shall deposit its instrument of ratification with the Secretary-General of the Council of the European Union, either before or simultaneously with the depositing of its instrument of acceptance of the Doha Amendment with the Secretary-General of the United Nations.

2.   Iceland shall deposit its instrument of acceptance of the Doha Amendment with the Secretary-General of the United Nations in accordance with article 20(4) and Article 21(7) of the Kyoto Protocol at the latest on the date of the depositing of the last instrument of acceptance by the Union or its Member States.

3.   When depositing its instrument of acceptance of the Doha Amendment, Iceland shall also notify the terms of the joint fulfilment, on its own behalf, to the Secretariat of the United Nations Framework Convention on Climate Change in accordance with Article 4, paragraph 2, of the Kyoto Protocol.