Amidst the larger failure of the Kyoto Protocol, Swedish green think tank FORES (why don’t we have such a thing in North America?) argues that
The establishment of the Clean Development Mechanism has
been one of the successes of the Kyoto Protocol. It has helped
to build experience, capacity and comfort with the use of
market mechanisms to reduce emissions. This will be useful when implementing future market mechanisms
They have released a white paper [pdf] looking into
the principles behind the flexible
mechanisms of the Kyoto Protocol with a focus on the CDM,
but also towards the future of flexible mechanisms. It
concludes that flexible mechanisms will continue to play a role
in a post-2012 climate change regime.
Finally, it is fundamental to remember that flexible
mechanisms themselves do not lower emissions. First there
needs to be a commitment either to reduce emissions or to
provide finance for reducing emissions.