Evidence from China and Vietnam as Key Emerging Economies
Edited by Hans Bruyninckx, Qi Ye, Nguyen Quang Thuan and David Belis
Chapter 11: Case-study of Vietnamese hydropower CDM projects: shortcomings and barriers
The Clean Development Mechanism (CDM) is one of the most innovative features of the Kyoto Protocol. As outlined in Article 12 of the Kyoto Protocol, the purpose of the CDM is, in essence, twofold. Firstly, the CDM aims to assist Parties not included in Annex I of the United Nations Framework Convention on Climate Change (UNFCCC) in achieving sustainable development and contributing to the ultimate objective of the Convention, which is to achieve a stabilization of greenhouse gas (GHG) concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system. As a so-called flexibility mechanism, the CDM also aims to assist parties included in Annex I in achieving compliance with the quantified emission reduction commitments that they agreed upon within the framework of the Kyoto Protocol (United Nations 1998). The CDM provides a framework that involves developing countries to reduce GHG emissions and is a key component of the global market in emission reductions. Certified Emission Reductions (CERs) created within this market had a total value of around $20 billion in 2010 (UNFCCC 2011a; World Bank 2011).
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