The United Nations Clean Development Mechanism (CDM) has been growing at a rapid rate. Last week, the CDM registered its milestone 3,000th project – a wind farm in Mongolia. So far in 2011, the program has experienced a 17% increase in project initiations from Q1 2010.
Established in 2005, the CDM is active in 71 countries and reports an additional 2,600 clean energy and carbon reduction projects in the pipeline. To date, these projects have resulted in the issuance of more than 600 million CERs worldwide.
Through the CDM, global firms can invest in carbon emission reducing projects all over the developing world in exchange for certified emissions reductions credits (CERs). Delegates at the Cancun climate talks have concurred that the CDM is a valuable mechanism to help fight climate change.
“The Clean Development Mechanism is still evolving and will continue to do so,” remarked United Nations Framework Convention on Climate Change (UNFCCC) Christina Figueres. “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.”