Two things can be said about the CDM: it has been successful in creating a dynamic carbon market, and it can certainly be improved. Since the Kyoto Protocol entered into force in 2005, the CDM has developed very rapidly, with more than 4000 projects in the pipeline and a further 120 new projects entering the pipeline every month. Together, these projects represent a cumulative expected total of 2.8 billion tonnes of reductions by 2012. In a very short time, the CDM has mobilised billions of dollars in public and private investment to reduce emissions in developing countries. At the same time, the CDM has encountered a number of challenges and weaknesses, including unequal regional distribution of projects, concerns about environmental integrity and technology transfer, complex governance procedures, and questions about the CDM’s contribution to sustainable development. This edition of Perspectives tries to answer the question, “Where to from here?” In other words: “How to reform the CDM in a post-2012 climateregime?”...
