Improving or Disproving Sustainable Development in the Clean Development Mechanism in the Midst of a Financial Crisis?
The Clean Development Mechanism (CDM) of the Kyoto Protocol is a dual purpose mechanism aiming to reduce carbon emissions and promote sustainable development. However the CDM, as a market mechanism, seems incapable of fulfilling this latter purpose. Bui lding on the dichotomy between market liberali...
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| Format: | Article |
| Language: | English |
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School of Oriental and African Studies
2010-06-01
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| Series: | Law, Environment and Development Journal |
| Subjects: | |
| Online Access: | http://lead-journal.org/content/10001.pdf |
| _version_ | 1819047130407370752 |
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| author | Angus Macdonald |
| author_facet | Angus Macdonald |
| author_sort | Angus Macdonald |
| collection | DOAJ |
| description | The Clean Development Mechanism (CDM) of the Kyoto Protocol is a dual purpose mechanism aiming to reduce carbon emissions and promote sustainable development. However the CDM, as a market mechanism, seems incapable of fulfilling this latter purpose. Bui lding on the dichotomy between market liberalism and sustainable development as identified by D.M. Driesen, this paper argues that the CDM has become a schizophrenic mechanism trying to achieve two mutually exclusive aims. The paper discusses options for improving sustainable development in the CDM, but concludes these options are either impractical or impossible to pursue. The 'development dividend' (as per A. Cosbey, et al) is likely to forever be in arrears. The CDM should explicitly acknowledge its sustainable development failings. This brings into question the CDM's very existence.
The paper also comments on the effect the financial crisis might have on the carbon market, so crucial for the CDM. The article suggests that the financial crisis will make it even more difficult for the CDM to pursue its sustainable development aim. |
| first_indexed | 2024-12-21T10:55:28Z |
| format | Article |
| id | doaj.art-68506b1f0ed84041a043463a07f91cdf |
| institution | Directory Open Access Journal |
| issn | 1746-5893 1746-5893 |
| language | English |
| last_indexed | 2024-12-21T10:55:28Z |
| publishDate | 2010-06-01 |
| publisher | School of Oriental and African Studies |
| record_format | Article |
| series | Law, Environment and Development Journal |
| spelling | doaj.art-68506b1f0ed84041a043463a07f91cdf2022-12-21T19:06:32ZengSchool of Oriental and African StudiesLaw, Environment and Development Journal1746-58931746-58932010-06-0161120Improving or Disproving Sustainable Development in the Clean Development Mechanism in the Midst of a Financial Crisis?Angus MacdonaldThe Clean Development Mechanism (CDM) of the Kyoto Protocol is a dual purpose mechanism aiming to reduce carbon emissions and promote sustainable development. However the CDM, as a market mechanism, seems incapable of fulfilling this latter purpose. Bui lding on the dichotomy between market liberalism and sustainable development as identified by D.M. Driesen, this paper argues that the CDM has become a schizophrenic mechanism trying to achieve two mutually exclusive aims. The paper discusses options for improving sustainable development in the CDM, but concludes these options are either impractical or impossible to pursue. The 'development dividend' (as per A. Cosbey, et al) is likely to forever be in arrears. The CDM should explicitly acknowledge its sustainable development failings. This brings into question the CDM's very existence. The paper also comments on the effect the financial crisis might have on the carbon market, so crucial for the CDM. The article suggests that the financial crisis will make it even more difficult for the CDM to pursue its sustainable development aim.http://lead-journal.org/content/10001.pdfCarbon marketClean Development Mechanism (CDM)CDM projectsdeveloping countrieseconomic crisisfinancial crisisflexibility mechanismsmarket liberalismsustainable development |
| spellingShingle | Angus Macdonald Improving or Disproving Sustainable Development in the Clean Development Mechanism in the Midst of a Financial Crisis? Law, Environment and Development Journal Carbon market Clean Development Mechanism (CDM) CDM projects developing countries economic crisis financial crisis flexibility mechanisms market liberalism sustainable development |
| title | Improving or Disproving Sustainable Development in the Clean Development Mechanism in the Midst of a Financial Crisis? |
| title_full | Improving or Disproving Sustainable Development in the Clean Development Mechanism in the Midst of a Financial Crisis? |
| title_fullStr | Improving or Disproving Sustainable Development in the Clean Development Mechanism in the Midst of a Financial Crisis? |
| title_full_unstemmed | Improving or Disproving Sustainable Development in the Clean Development Mechanism in the Midst of a Financial Crisis? |
| title_short | Improving or Disproving Sustainable Development in the Clean Development Mechanism in the Midst of a Financial Crisis? |
| title_sort | improving or disproving sustainable development in the clean development mechanism in the midst of a financial crisis |
| topic | Carbon market Clean Development Mechanism (CDM) CDM projects developing countries economic crisis financial crisis flexibility mechanisms market liberalism sustainable development |
| url | http://lead-journal.org/content/10001.pdf |
| work_keys_str_mv | AT angusmacdonald improvingordisprovingsustainabledevelopmentinthecleandevelopmentmechanisminthemidstofafinancialcrisis |