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The Clean Development Mechanism (CDM) is one of the flexibility mechanisms

defined in the Kyoto Protocol (IPCC, 2007) that provides for emissions

reduction projects which generate Certified Emission Reduction units which

may be traded in emissions trading schemes.
The CDM is defined in Article 12 of the Protocol, and is intended to meet

two objectives: (1) to assist parties not included in Annex I in achieving

sustainable development and in contributing to the ultimate objective of

the United Nations Framework Convention on Climate Change (UNFCCC), which

is to prevent dangerous climate change; and (2) to assist parties included

in Annex I in achieving compliance with their quantified emission

limitation and reduction commitments (greenhouse gas (GHG) emission caps).

“Annex I” parties are those countries that are listed in Annex I of the

treaty, and are the industrialized countries. Non-Annex I parties are

developing countries.