The Clean Development Mechanism (CDM) under the Kyoto Protocol to the UN Framework Convention on Climate Change (UNFCCC) enables industrialized countries to meet a part of their emission reduction requirements through purchase of emission reduction credits from projects in developing countries....

The prosperity achieved by developing countries in South East and East Asia as well as in many other parts of the developing world, would have been unthinkable fifty years ago. The significant rise in standard and quality of life of the citizens of these countries cannot be explained by their...