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Legal Aspects of Carbon TradingKyoto, Copenhagen, and beyond$
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David Freestone and Charlotte Streck

Print publication date: 2009

Print ISBN-13: 9780199565931

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199565931.001.0001

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Trying to Catch up with the Executive Board: Regulatory Decision-Making and its Impact on CDM Performance

Trying to Catch up with the Executive Board: Regulatory Decision-Making and its Impact on CDM Performance

(p.231) 11 Trying to Catch up with the Executive Board: Regulatory Decision-Making and its Impact on CDM Performance
Legal Aspects of Carbon Trading

Krey Matthias

Santen Heike

Oxford University Press

This chapter highlights some of the main reasons for uncertainty regarding the Clean Development Mechanism's (CDM) project performance, to assess the complaints brought forward, and to summarize briefly the proposals for reform that have been made up till late 2008. It also discusses whether the Conference of the Parties to the UNFCCC serving as the Meeting of the Parties to the Kyoto Protocol (COP/MOP) has lived up to the expectations of the private sector stakeholders in CDM projects and what still remains to be done. The first section describes the overarching principles of CDM rule-making and how it impacts on CDM project development. The second section focuses on the situation in which project developers as well as Certified Emission Reduction (CER) buyers find themselves when they need to predict if, when, and how many CERs a project will deliver in the future. The third section describes typical reasons for the uncertainty that surrounds the CDM potential of a proposed greenhouse gas (GHG) mitigation project at an early stage of project development, e.g. at Project Identification Note Stage (PIN). The fourth section exemplifies the challenges of determining the CDM potential of a project that has been submitted for validation with a corresponding Project Design Document (PDD). The fifth section looks at reasons for the uncertainty surrounding the issuance of CERs after there has been CDM registration of a project. Finally, overviews on proposals for reform and the decisions made by the COP/MOP in December 2008 designed to improve CDM performance are provided.

Keywords:   Clean Development Mechanism, Kyoto Protocol, Certified Emission Reduction, greenhouse gas mitigation project

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