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Declan McCormack is a filmmaker who has spent much of the last five years documenting the successes and failures of business-oriented development projects in developing countries.
In essence, CDM creates â means for transferring the credit for reducing emissions from projects in developing countries to the sponsors of those projects in developed states.
The Kyoto Protocol states that all carbon offset projects in developing countries are required to contribute to sustainable development (Article 2.1 and 12.2).
How can we solve the problem that many pilot projects in developing countries suffer from bad performance and hinder market development?
Topics under discussion included the possibility of their own development bank, modelled on the World Bank, to fund projects in developing nations.
"The bank will finance projects in developing countries and emerging economies in the areas of infrastructure and sustainable development," Damico said.
Given these returns, the World Bank and its development partners have continued to support a variety of trade facilitation projects in developing countries.
Last month, the EU pledged €50bn to support clean energy projects in developing countries.
Second, companies must not be allowed to offset emissions by investing in projects in developing countries.
The mechanism allows emission-reduction projects in developing countries to earn credits.
It also raised money to sponsor education projects in developing countries.
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