Program on Energy and Sustainable Development Working Paper #56
Global warming is one of the most difficult and important challenges facing the international community. To date, the most substantial effort to address this problem is the Kyoto Protocol. Although not adopted by the United States or Australia, this international agreement was adopted and ratified by every other large developed country and entered into force on February 16th, 2005. The Protocol is likely the largest ever international effort to combat a global environmental commons problem.
The Clean Development Mechanism ("CDM") is a market based trading mechanism