Global Mechanisms for Addressing Climate Change

Abstract

Since the UNCED (United Nations Conference on Environment and Development) of 1992, the UNFCCC (United Nations Framework Convention on Climate Change) has been working on diverse global mechanisms to address the twin objectives of the Convention, namely, the stabilization of greenhouse gases in the atmosphere and promotion of sustainable development. Global Environment Facility (GEF) is a financing mechanism adopted by the UNFCCC, while the Kyoto Protocol mechanisms include the Clean Development Mechanism (CDM), Emissions Trade (ET), and a mechanism to allow implementation of project activities under Article 6 of the Protocol that is often referred to as Joint Implementation (JI). The two mechanisms that are of direct relevance to developing countries are GEF, which is nearly a decade old, and CDM, which is an emerging mechanism. GEF and CDM, apart from meeting environmental objectives, aim to promote activities leading to the transfer of Environmentally Sustainable Technologies (ESTs), capital flows to and capacity building in developing countries and ultimately, the promotion of sustainable development. In this chapter, we focus on assessing the implications of GEF and CDM as effective tools to advance the broad goals of the Convention and the Kyoto Protocol, from the developing country perspective.