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Monthly registered CDM projects 2005–2021[1]
The Clean Development Mechanism (CDM) is a United Nations-run carbon offset scheme allowing countries to fund greenhouse gas emissions-reducing projects in other countries and claim the saved emissions as part of their own efforts to meet international emissions targets. It is one of the three Flexible Mechanisms defined in the Kyoto Protocol. The CDM, defined in Article 12 of the Protocol, was intended to meet two objectives: (1) to assist non-Annex I countries (predominantly developing nations) achieve sustainable development and reduce their carbon footprints; and (2) to assist Annex I countries (predominantly industrialized nations) in achieving compliance with their emissions reduction commitments (greenhouse gas emission caps).[2]
The CDM addressed the second objective by allowing the Annex I countries to meet part of their emission reduction commitments under the Kyoto Protocol by buying Certified Emission Reduction units from CDM emission reduction projects in developing countries (Carbon Trust, 2009, p. 14).[3] Both the projects and the issue of CERs units are subject to approval to ensure that these emission reductions are real and "additional". The CDM is supervised by the CDM Executive Board (CDM EB) under the guidance of the Conference of the Parties (COP/MOP) of the United Nations Framework Convention on Climate Change (UNFCCC). Certified Emission Reduction units (CERs) are issued for successful projects, which may be traded in emissions trading schemes.[4] The CDM allows industrialized countries to buy CERs and to invest in emission reductions where it is cheapest globally (Grubb, 2003, p. 159).[5] Between 2001, which was the first year CDM projects could be registered and 7 September 2012, the CDM issued 1 billion Certified Emission Reduction units.[6] As of 1 June 2013, 57% of all CERs had been issued for projects based on destroying either HFC-23 (38%) or N2O (19%).[7] Carbon capture and storage (CCS) was included in the CDM carbon offsetting scheme in December 2011.[8]
Because several countries with high emissions, including the United States and China, either were not signatories of the Kyoto Protocol or were not required by it to reduce their emissions, most of the market for CDMs came from European countries. This, together with the recessions brought on by the global financial crisis and the European debt crisis, resulted in very low demand for carbon offsets, causing the value of CERs to plummet.[9] In 2012, a UN-authorized report said governments urgently needed to address the future of the CDM and suggested the CDM was in danger of collapse. By that point, the value of a CERs had dropped to 5 USD per tonne of CO2 (from 20 USD in 2008);[9] the following year the price abruptly crashed to less than 1 USD.[10] As a result, thousands of projects were left with unclaimed credits. The struggle about what to do with the old credits was a major cause for the perceived failure of the 2019 United Nations Climate Change Conference.[11]
^"United Nations Framework Convention on Climate Change". cdm.unfccc.int. Retrieved 2021-05-13.
^Clifford Chance LLP (2013). "Clean Development Mechanism: CDM and the UNFCC" http://a4id.org/sites/default/files/user/CDM%26UNFCCCcorrected.pdf Archived 2013-09-21 at the Wayback Machine . Advocates for International Development. Retrieved 19 September 2013.
^Cite error: The named reference carbont was invoked but never defined (see the help page).
^IPCC (2007). "Glossary J-P. In (book section): Annex I. In: Climate Change 2007: Report of the Intergovernmental Panel on Climate Change (B. Metz et al. Eds.)". Cambridge University Press, Cambridge, U.K., and New York, N.Y., U.S.A. Archived from the original on 2010-05-03. Retrieved 2010-04-23.
^Cite error: The named reference grubb was invoked but never defined (see the help page).
^"Kyoto Protocol's CDM passes one billionth certified emission reduction milestone" (Press release). UNFCCC CDM. 7 September 2012. Retrieved 9 October 2012.
^CDM (June 1, 2013). "CDM Projects grouped in types". UNEP Risoe CDM/JI Pipeline Analysis and Database. Archived from the original on May 30, 2013. Retrieved June 18, 2013.
^"Carbon capture and storage (CCS) accepted as UN-based carbon offsetting scheme, paving way for developing country finance". Global CCS Institute. Archived from the original on 2012-06-16. Retrieved 2011-12-14.
^ abCite error: The named reference :1 was invoked but never defined (see the help page).
^Twidale, Shadia Nasralla, Susanna (2021-02-25). "Factbox: Carbon offset credits and their pros and cons". Reuters. Retrieved 2021-05-13.{{cite news}}: CS1 maint: multiple names: authors list (link)
^"COP25, the UN climate talks in Madrid, ends in a sad splutter". The Economist. 15 December 2019. Retrieved 17 December 2019. Thousands of CDM projects were registered but their credits left unclaimed after their value crashed in 2012 because demand dried up. Some countries, chiefly Brazil, India and China, the main participants in the CDM, would like those credits transferred into the new Paris trading scheme. Others contend that doing so would flood the Paris scheme with past carbon credits that no longer correspond to real, future emissions reductions.
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