This article examines the Clean Development Mechanism (CDM) defined by the
Kyoto Protocol. it examines the substantive, procedural and institutional i
ssues raised by the CDM in the light of decisions adopted by the fourth Con
ference of the Parties to the UN Framework Convention on Climate Change hel
d in Buenos Aires. The article suggests practical options for the operation
and governance of the CDM in a credible, cost-efficient and environmentall
y effective manner. (C) 2000 Elsevier Science Ltd. All rights reserved.