Is the CDM letting the North off the hook for their carbon reduction obligations and what’s in it for the South?
Industrialized countries have to implement domestic policies and measures to reduce Green House Gas (GHG) emissions. These domestic measures have to generate the most significant part of the emission reductions used by an industrialized country to achieve its compliance targets according to the Kyoto Protocol, and emissions reductions earned through CDM and other market mechanisms can only be supplementary to these domestic actions. It is estimated that the cost to meet emission reduction commitments made under the Kyoto Protocol is in the order of billions of dollars. Given that they reduce cost of compliance, market mechanisms such as the CDM are relevant to the long-term engagement of the global community to combat global climate change. For developing countries, the CDM represents an opportunity to attract investments from the public and private sectors in climate-friendly technologies, and to contribute to the global combat on climate change. In order to be eligible, CDM projects
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