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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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A Post-2012 Vision for the Clean Development Mechanism

A Post-2012 Vision for the Clean Development Mechanism

26 A Post-2012 Vision for the Clean Development Mechanism
Legal Aspects of Carbon Trading

Christiana Figueres

Charlotte Streck

Oxford University Press

Despite the many calls to reform the flexibility mechanisms of the Kyoto Protocol, their conceptual underpinnings are strong and it is likely that the idea of the mechanisms, in fact the mechanisms themselves, will survive in a post-2012 climate regime. This chapter examines how a post-2012 climate treaty could provide incentives for greater emission reductions in developing countries. It starts by summarizing the current frustrations with the Clean Development Mechanism (CDM) and reviewing incremental modifications that could be considered to strengthen the mechanism without requiring a decision of the parties to the Kyoto Protocol or changes to the Marrakech Accords. It then explores a potential post-2012 scenario that combines three possible financial mechanisms to promote large-scale mitigation in developing countries: the activity-based CDM as we know it, albeit improved; a second market mechanism which would seek to improve the long-term emission trends of developing countries; and a third, non-market-based financial mechanism which would follow a scheme of payment that is not commoditized and does not create international offsets.

Keywords:   Kyoto Protocol, climate treaty, Clean Development Mechanism, emissions reduction, emissions trading, developing countries

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