The correct answer is option 'B': Kyoto Protocol.

Explanation:
The Kyoto Protocol is an international agreement that provides a roadmap for reducing greenhouse gas emissions to combat global warming. It was adopted in 1997 at the third session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) held in Kyoto, Japan.

The Kyoto Protocol aims to address the issue of global warming by setting binding targets for developed countries to reduce their greenhouse gas emissions. Here's how the Kyoto Protocol works and why it is significant in the fight against climate change:

1. Binding targets:
- The protocol establishes binding emission reduction targets for developed countries (referred to as Annex I countries) for a specific commitment period.
- These targets are expressed as a percentage reduction from their 1990 emission levels.
- The initial commitment period was from 2008 to 2012, and subsequent commitment periods have been negotiated.

2. Flexible mechanisms:
- The Kyoto Protocol introduced three flexible mechanisms to help countries meet their emission reduction targets:
i. Emissions Trading: Countries can buy and sell emission allowances to meet their targets.
ii. Joint Implementation: Countries can invest in emission reduction projects in other countries to earn credits.
iii. Clean Development Mechanism: Developed countries can invest in emission reduction projects in developing countries and earn credits.

3. Compliance:
- The protocol includes compliance mechanisms to ensure that countries meet their targets.
- An enforcement branch, the Compliance Committee, reviews the compliance of each party.
- Non-compliance can result in penalties or suspension of certain rights and privileges.

4. Global participation:
- The Kyoto Protocol initially focused on reducing emissions from developed countries, as they were historically the largest emitters.
- However, it also encourages developing countries to take voluntary mitigation actions and provides support for their efforts through financial and technological assistance.

5. Adaptation and finance:
- The protocol recognizes the need for adaptation to the impacts of climate change, particularly in developing countries that are more vulnerable.
- It also establishes the Adaptation Fund, which is financed by a share of proceeds from emission reduction projects.

The Kyoto Protocol has played a crucial role in raising global awareness about the importance of reducing greenhouse gas emissions and has set the stage for subsequent international climate negotiations. While it has its limitations and has faced challenges, it remains an important milestone in international efforts to combat climate change.