Governance Reform of the Clean Development Mechanism after Poznan

The Clean Development Mechanism is the first international attempt to address climate change using a global emissions trading market mechanism involving both developed and developing countries. When it was originally created, it could not have been envisaged that it would become so large and lucrative so quickly, creating a market in a regulated commodity that would be worth billions of euros. In 2007, the value of the CDM market was estimated to total approximately €12 billion, more than double the previous year’s figure. There are currently more than 1240 registered CDM projects in 51 countries, with approximately 3000 further projects in the fast-growing registration pipeline.

The Kyoto Protocol’s Clean Development Mechanism (CDM) has proven to be a very successful instrument, which is remarkable considering the fact that the climate change regime had no such global market mechanism or market experience just over seven years ago. Now it has become established and has engaged stakeholders, and there has been increased scrutiny of its governance structures and performance as a regulatory approval system. This paper explores the key outputs from the Poznan negotiations in December 2008, and considers which governance reforms could be driven in 2009 and beyond to make the CDM a more effective and credible international instrument.

Copyright: © Lexxion Verlagsgesellschaft mbH
Quelle: Issue 1/2009 (April 2009)
Seiten: 11
Preis inkl. MwSt.: € 41,65
Autor: Raymond Purdy

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