Engineering change

Two years after the Kyoto Protocol came into effect, a more mature risk management culture is developing in the Asian clean development mechanism (CDM) market, which is expected to lead to the true commoditisation of certified emission reductions (CERs) and, ultimately, lower financing costs and more financing options.

Over 1,400 CDM projects are under development in Asia. At the centre of the financing activity is Japan, the country that has aggressively promoted carbon projects throughout t