Global warming or, more accurately, climate change remains a hotly debated issue in scientific, government and public circles. While the extent of the human contribution to climate change through greenhouse gas (GHG) emissions remains highly controversial, the scientific evidence of significant changes in climate per se appears to be mounting (Intergovernmental Panel on Climate Change, 2001). Since changes in climate typically will include greater variability in temperatures, more extreme weather events and changes in precipitation patterns as well as a general warming trend, there are significant risks for agriculture.(2) If human activity does turn out to have a significant causal effect on climate change, the Kyoto Protocol and other related multilateral environmental agreements appear to have the potential to reduce these risks. The Kyoto Protocol, however, leaves possible channels for increases in emissions or so-called carbon leakage.