The Kyoto protocol with an emphasis on its flexible instrument: the clean development mechanism

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This work examines the framework of international environmental law amid ongoing negotiations for a post-Kyoto treaty, particularly following the incomplete agreements from the 15th and 16th Conferences of the Parties to the United Nations Framework Convention on Climate Change. It reviews existing mechanisms for greenhouse gas abatement policies, focusing on the Clean Development Mechanism (CDM), a controversial global market mechanism. The CDM aims to implement cost-efficient abatement measures worldwide, promoting a shift towards sustainable value creation in the post-Kyoto era. Since its inception, the CDM has facilitated investment in 2,588 registered projects, demonstrating its effectiveness in emission reduction during the first commitment period ending in 2012. However, key questions remain for the participating parties in designing a follow-up agreement to the Kyoto Protocol: Are human development goals prioritized over environmental and greenhouse gas reduction targets? How can carbon leakage be prevented, where entities relocate to non-abating regions in response to emission reduction measures? Lastly, how can all countries, particularly developing ones, ensure equitable access to CDM projects, facilitating technology transfer and adaptation to global warming? This work aims to provide insights and stimulate discussion on these pressing issues in environmental law.