Abstract
The Clean Development Mechanism (CDM) of Kyoto Protocol, designed for the industrialized countries to earn emission credits by investing in greenhouse gas (GHG) emission reduction projects in developing countries, shall contribute to emission reductions and sustainable development in the host countries. However, whether the CDM is achieving its dual goals has been questionable. This research empirically investigates the long-run impacts of CDM projects on CO₂ emission reductions for 80 eligible CDM host countries over 1993-2009. By allowing for considerable heterogeneity across countries, this research provides evidence in support of a decline in CO₂ emissions associated with CDM projects. It serves to encourage developing countries to effectively develop CDM projects towards low carbon development.
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