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The Clean Development Mechanism: A Review of the First International Offset Program / Michael Gillenwater and Stephen Seres. Arlington : Pew Center on Global Climate Change, March 2011, 56 p.http://www.pewclimate.org/publications/clean-development-mechanism-review-first-international-offset-programThis paper compares  and evaluates the CDM against standard criteria for high-quality  offsets and reviews lessons learned, institutional changes that have  been made, and ongoing challenges.The  Clean Development Mechanism (CDM), established under the Kyoto  Protocol, is the primary international offset program in existence  today, and while not perfect, it has helped to establish a global market  for greenhouse gas (GHG) emission reductions. It generates offsets  through investments in GHG reduction, avoidance, and sequestration  projects in developing countries. The United States is not party to the  Kyoto Protocol, but was instrumental in negotiating the treaty and  championing market mechanisms as a way to achieve the targeted  reductions at lower cost. The CDM has managed to establish—in its  relatively short eight years of existence—a credible,  internationally-recognized, $2.7 billion carbon offset market with  participation from a large number of developing countries and private  investors. It has also created processes and methodologies that other  programs are already emulating. (© Pew Center)