ABSTRACT
The Kyoto Protocol lays out a possible framework for the creation of transferable emission reductions through investment in mitigation projects operated under Article 6 (Joint Implementation) or Article 12, the Clean Development Mechanism (CDM). The criteria for CDM project are real, measurable and long-term benefits related to the mitigation of climate change (Article 12.5b) and Reduction in emissions that are additional to any that would occur in the absence of the certified project activity (Article 12.5c). The CDM governs project investments in developing countries that generate certified emission reductions for industrialized countries undertaking specific commitments under the United Nations Framework Convention on Climate Change (UNFCCC) and the Kyoto Protocol.
