This paper discusses the challenges and opportunities created for the world by the Kyoto protocol and the creation based on international law of a global market for carbon emissions trading, in particular, the significance of the clean development mechanism (CDM). The projects funded by CDM and paid for from the carbon market's funds have already achieved a real impact, they have decreased carbon emissions by the equivalent of 37% of EU emissions. The CDM projects should be expanded and improved. Carbon negative technology is available. Global Thermostat (GT) technology was formed in 2006 to develop and commercialise a unique technology for the direct capture of carbon dioxide from the atmosphere and other sources. It has been successfully trialled and has the capability of transforming power plants into net carbon sinks. This, together with the green power fund, first proposed by the author in 2009 at Copenhagen COP15 could make a significant difference to the amount of emissions being reduced by involving Latin America, Africa and the Small Island States (relatively low polluters). The green power fund, a private fund of $200 Bn per year for 15 years.

Keywords: Kyoto protocol, clean development mechanism, CDM, carbon negative technology, Global Thermostat technology, GT technology, green power fund, green economy, carbon emissions trading, carbon capture, CO2, carbon dioxide