CERs come of age

Nearly two years have passed since the first Clean Development Mechanism (CDM) project, a landfill gas venture, was approved in Brazil. Soon afterwards, the secondary market for certified emissions reductions (CERs), the tradable unit of the CDM, began to emerge. So far, the emergence of this secondary market has brought with it both significant developments and some continued uncertainty.

One significant spur for the secondary market has been the CDM Executive Board's approval of the

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