The study describes and discusses in detail how four CDM reform alternatives, namely discounting of emission reductions, ambitious baselines, purchase and cancellation of CERs and reinvestment of CER levies, could be integrated in a Post-2012 climate regime. The study assesses these alternatives, according to their impacts on GHG emission reductions, contribution to sustainable development, cost-efficiency, technical feasibility, incentives and distributional
effects as well as negotiatbility. The study shows that the introduction of discounting and ambitious baselines is technically feasible but politically a massive challenge. With the help of an economic model the study shows that the introduction of reform alternatives increases the amount of emission reductions
but in comparison to the current CDM the impact is rather limited. But a CDM reform can in any case increase the credibility and improve the environmental integrity of the mechanism.