THE GREENHOUSE GASES BUSINESS AND THE CLEAN DEVELOPMENT MECHANISM ,EL NEGOCIO DEL CARBONO Y EL MECANISMO PARA UN DESARROLLO LIMPIO,

.Carbon markets emerged as a consequence of efforts carried out by the United Nations in its efforts aimed at combating the effects of climate change. The United Nations Framework Convention for Climate Change through the Kyoto Protocol (KP) is a key part of this effort as it encouraged the creation of market mechanisms by creating special financial instruments that spawned carbon markets. In the last years these assets have sharply decreased in value, to the point of endangering new projects. This paper analyzes if the decrease in value of these instruments is a consequence of the general recession of the world economy. It will also attempt to encourage the idea of generating wealth through clean, environmentally friendly processes. We found that it’s not possible to verify the given hypothesis because the global crisis has not seriously damaged the productive system of the KP participating members, who even increased their outputs while using cleaner technologies.