The Kyoto Protocol, aimed at reducing the earth's green house gase emissions, is scheduled to come into force on Wednesday.

The Ministry of Commerce, Industry and Energy has launched full-fledged efforts to deal with the impact of the climate treaty on South Korea by forming a special team in charge of overseeing matters related to the treaty.

In a meeting of leading businessmen Monday, Commerce Minister Lee Hee-beom stressed that once the legally-binding global agreement takes effect, it would pose a significant challenge for South Korea, which is currently ranked ninth globally in terms of carbon dioxide emission.

The minister also stressed the importance of companies reducing greenhouse gas emissions.

Lee asked businessmen to keep records in advance of the amount of green house gas emissions according to types of industries and businesses and to voluntarily draw up and implement measures to reduce harmful gases.

Crafted in the Japanese city bearing its name, the Kyoto Protocol will obligate signatories to make rapid and significant cuts in global greenhouse gas emissions in order to prevent the onset of dangerous climate changes.

The climate accord commits the industrialized countries who've ratified it to reduce their emissions of six gases implicated in global warming by an average of at least five percent. That would take them back to 1990 levels. These goals are to be achieved by 2008-2012.

One hundred-36 countries have ratified the protocol with the United States and Australia being the only major industrialized nations resisting signing up to the protocol.