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Long confined to the realm of political uncertainty, the Kyoto Protocol finally entered into force on 16 February 2005. As for its substantive bearing, however, the Protocol is, at best, an initial framework for more detailed rules deferred to later Meetings of the Parties. Convening for the first time in Montreal, Canada, from 28 November to 9 December 2005, the Kyoto Protocol's Meeting of the Parties decided on important operational aspects of the Protocol, approving the Marrakesh Accords and thereby implementing the Protocol's flexibility mechanisms and compliance regime. Arguably of even greater magnitude was the agreement to engage in consultations on future mitigation commitments, notably with a view to the period after 2012, when current commitments expire. This article outlines principal decisions passed at the meeting in Montreal, affirming that, while daunting challenges still lie ahead, one thing has now been shown for certain: contrary to many premature obituaries, the Kyoto Protocol is anything but dead.