The Clean Development Mechanism (CDM) is a project-based mechanism designed to promote investment in projects that reduce or sequester emissions of greenhouse gases in developing countries. Developing countries are referred to Non-Annex I countries to the UN Framework Convention on Climate Change (UNFCCC). The CDM is the only mechanism under the Protocol promoting partnerships between developed (also referred to Annex I countries to the UNFCCC) and developing countries. The CDM rules, however, do not explicitly exclude projects from being undertaken by partnership between one or more developing countries; these are referred to as ‘unilateral' or ‘South-South' projects.
The CDM has three stated objectives:
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