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. The impact of the CDM is assessed firstly in relation to its original purposes stated in Article 12 of the Kyoto Protocol, namely “to assist Parties not included in Annex I in achieving sustainable development and in contributing to the ultimate objective of the Convention, and to assist Parties included in Annex I in achieving compliance with their quantified emission limitation and reduction commitments”. Beyond sustainable development and cost-effective emission reductions, there are other potential impacts of the CDM that have been highlighted by stakeholders in their submissions to the CDM Policy Dialogue and in the literature on the CDM. These include potential impacts on technology transfer, financing, net global greenhouse gas (GHG) emissions, energy security, clean energy investment and the regional distribution of projects, which are all also addressed in the report.