This report sets out the final recommendations of the Panel for the role, design, and operations of the CDM.

The objective of this report is to provide an independent assessment of the impact of the CDM across a broad range of metrics and possible effects.

This report is one of three commissioned by the High-Level Panel to facilitate its provision of recommendations. The objective of this report is to provide an in-depth analysis of the evolving context of the CDM, particularly with regard to new and emerging mechanisms, and to locate the CDM within the global climate policy architecture.