The Clean Development Mechanism (CDM) is one of the flexibility mechanisms incorporated in the Kyoto Protocol, designed for the industrialized countries, to earn emission credits by investing in greenhouse gas (GHG) emission reduction projects in developing countries. The major aim of this mechanism is to provide means for emission reductions and sustainable development in the host countries. However, whether the CDM is achieving this objective has been questionable. This paper has examined various issues related to CDM. It serves to encourage governments of developing countries to improve their institutional quality, formulate favourable policies, and strengthen their capacity through international exchanges of experience so as to be sure that their interest is protected in the global emission mitigation process.

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