Cloud computing is revolutionizing the ICT landscape by providing scalable and efficient computing resources on demand. The ICT industry - especially data centers, are responsible for considerable amounts of CO2 emissions and will very soon be faced with legislative restrictions, such as the Kyoto protocol, defining caps at different organizational levels (country, industry branch etc.) A lot has been done around energy efficient data centers, yet there is very little work done in defining flexible models considering CO2. In this paper we present a first attempt of modeling data centers in compliance with the Kyoto protocol. We discuss a novel approach for trading credits for emission reductions across data centers to comply with their constraints. CO2 caps can be integrated with Service Level Agreements and juxtaposed to other computing commodities (e.g. computational power, storage), setting a foundation for implementing next-generation schedulers and pricing models that support Kyoto-compliant CO2 trading schemes.