In this article, we assess the future prospects of the Clean Development Mechanism (CDM) from the perspective of a developing country, drawing on Vietnam as a case study. First, we review the performance of the CDM and describe the evolution of carbon markets on the path towards a post-2012 climate regime. Next, we place Vietnam in a post-2012 context, and assess potential project resources, challenges, and opportunities that could arise for the country from a future climate policy framework. Our analysis suggests that the CDM should remain in place and be improved to facilitate more meaningful participation by developing countries in climate mitigation efforts beyond 2012. Finally, the article sets out eight proposals that could help improve the CDM as the world progresses towards a new international climate policy framework.
Nhan T. Nguyen and Minh Ha-Duong, Centre International de Recherche sur l’Environnement et le Développement (CIRED), Nogent-sur-Marne Cedex, France; Sandra Greiner, Climate Focus, Amsterdam, Netherlands; Michael Mehling, Ecologic Institute, Washington DC, USA. Corresponding author: Nhan T. Nguyen, contact: Campus du Jardin Tropical, 45bis ave. de la Belle Gabrielle, Nogent-sur-Marne Cedex, France. Tel: +33 (1) 43 94 73 65. Fax: +33 (1) 43 94 73 70.
Research for this article has been carried out at CIRED under a Ph.D. research grant offered by the Centre National de la Recherche Scientifique (CNRS) of France. All errors and opinions remain those of the authors.