In this groundbreaking book, Paula Castro presents the first systematic categorization of positive and negative incentives generated by the Clean Development Mechanism (CDM) for climate change mitigation in the Global South. To reduce the cost of meeting their greenhouse gas emission reduction commitments under the Kyoto Protocol, industrialized countries may rely on the CDM, a market instrument that allows them to count emission reductions from projects in developing countries as their own. Presented in four core empirical chapters, the book critically reviews whether and how the CDM creates...