The Kyoto Protocol's clean development mechanism (CDM), a tool that channels investment into clean energy and greenhouse gas (GHG)-reduction technology in the developing world, has registered its 3,000th project, a wind power project in Inner Mongolia, China.
The project is expected to reduce emissions of carbon dioxide, the GHG that contributes most to human-generated climate change, by more than 101,000 tons a year, according to the United Nations Framework Convention on Climate Change (UNFCCC).
‘The clean development mechanism is still evolving and will continue to do so,’ says Christiana Figueres, executive secretary of the UNFCCC. ‘But from the original concept to now, it has been a success way beyond the initial expectations, not only in the number of projects but also in its ability to attract private-sector investment into bettering livelihoods and environments of people in the developing world.’
At last December's climate change conference in Cancun, Mexico, governments agreed that tools such as the CDM have a key role to play in climate action. They are now discussing possible further mechanisms that will help governments and businesses work together to redeploy the urgent resources that developing countries need to build their own sustainable futures.
There are now CDM projects in 71 countries. In addition to the 3,000 so far registered, there are approximately another 2,600 projects in various stages of the vetting process.