ntion on Climate Change in Kyoto, Japan, in December 1997, the Clean Development Mechanism (CDM) was introduced into the Kyoto Protocol as a project-based emissions trading mechanism. Through this mechanism, industrialised countries can comply with their Protocol commitments by investing in greenhouse gas (GHG) emission reduction projects in developing countries for which they receive Certified Emission Reductions (CERs).1 As per November 2008, the CDM project pipeline counts 4151 CDM projects (i.e. both officially registered and ongoing