One of the few positives to come out of December's UN climate change meeting (COP15) in Copenhagen was planned reform of the clean development mechanism (CDM).

The mechanism, which has creaked under the weight of bureaucracy over the past two years, is the second-biggest carbon market in the world and at COP 15 the UN promised efforts to tackle some of the problems.

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Source: Trading Carbon, Vol. 4, Issue 02, March 2010, pp. 38-39