Explain Clean Development Mechanism.
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Explain Clean Development Mechanism.
The Clean Development Mechanism (CDM) is a market-based mechanism established under the Kyoto Protocol, aimed at facilitating greenhouse gas (GHG) emission reductions in developing countries while promoting sustainable development. The CDM allows industrialized countries, known as Annex I parties, to invest in emission reduction projects in developing countries and receive certified emission reduction (CER) credits for the GHG emissions avoided or reduced by these projects.
Key features of the Clean Development Mechanism include:
Project-Based Approach: The CDM operates on a project-by-project basis, where emission reduction projects are developed and implemented in developing countries with the financial and technological support of industrialized countries. These projects must result in real, measurable, and verifiable emission reductions beyond what would have occurred in the absence of the project.
Emission Reduction Credits: Emission reductions achieved by CDM projects are quantified and certified as certified emission reductions (CERs) by designated operational entities (DOEs), following established methodologies and guidelines. Each CER represents one tonne of carbon dioxide equivalent (tCO2e) that has been avoided or reduced as a result of the project.
Market Mechanisms: CERs generated from CDM projects can be bought, sold, or traded on international carbon markets, providing financial incentives for emission reduction activities and allowing Annex I countries to meet their emission reduction targets cost-effectively. CERs can be used by Annex I countries to meet part of their emission reduction commitments under the Kyoto Protocol or sold to other countries or entities for compliance or voluntary purposes.
Sustainable Development Criteria: CDM projects are required to contribute to sustainable development objectives in the host country, such as poverty alleviation, technology transfer, capacity building, and environmental integrity. Projects must undergo a rigorous assessment process to demonstrate their positive impacts on sustainable development and ensure that they do not cause harm to local communities or the environment.
Overall, the Clean Development Mechanism plays a vital role in promoting global cooperation on climate change mitigation by leveraging financial resources and expertise from industrialized countries to support emission reduction efforts in developing countries. By incentivizing investment in clean energy, energy efficiency, and sustainable development projects, the CDM contributes to both climate change mitigation and sustainable development goals, helping to create a more resilient and low-carbon future for all.