The Clean Development Mechanism (CDM) is widely regarded as one of the Kyoto Protocol s best creations and as an essential part of the international climate change regime. The CDM has been constantly evolving to ensure that it fulfils its objectives of mitigating climate change and contributing to sustainable development in developing countries. The over 6,000 registered projects under the CDM are estimated to have generated almost US$200 billion of investment in developing countries and are expected to achieve GHG emission reductions of about 6.8 billion tonnes. Nevertheless, the CDM is...