REPETTO, Robert <br/><br/>
The clean development mechanism :  institutional breakthrough or institutional nightmare? 

 - Dordrecht, Netherlands :  Springer,  December 2001 
<br/><br/> The Clean Development Mechanism, defined in ArticleXII of the Kyoto Protocol to the UN Framework Convention on Climate Change, is a crucial instrument to enlist developing countries participation in emissions limitation, to reduce industrialized countries compliance costs, and to facilitate resource and technology transfers. However, the CDM contains perverse compliance incentives and is beset with problems of credit definition, monitoring, enforcement, and potentially high transactions costs. This paper defines some important design safeguards and suggests an alternative approach should the Kyoto Protocol eventually be renegotiated