The Clean Development Mechanism (CDM), which has incentivized billions of dollars’ worth of investment in climate action and has registered thousands of projects throughout the developing world, has passed another milestone.

As global negotiators were arriving in Bangkok for an important round of talks, the CDM Executive Board was wrapping up its 100th meeting, five days considering technical and oversight matters related to rewarding projects for emission reductions.

At the close of the meeting, the Board took time to reflect on the achievements of the CDM since its inception two decades ago as a tool of the Kyoto Protocol.

“The CDM is harnessing the entrepreneurial power of markets and the private sector to meet goals on sustainable development and climate change,” said CDM Executive Board Chair Arthur Rolle.

“Today, the CDM toolbox is an unparalleled resource, accessible to all, and considered in the design of new regional and domestic market-based approaches and mitigation actions around the world.

CDM projects earn a saleable certified emission reduction (CER) credit for each tonne of greenhouse gas they reduce or avoid, measured in carbon dioxide equivalents.

The price paid for CERs has been a magnet for project developers looking to harness wind power, distribute clean cookstoves, or pursue a wide range of other projects.

Before a project can be considered for registration, the host country must attest to its potential contribution to sustainable development.

“Work under the CDM shows that actions to mitigate climate change bring many co-benefits in human health, green jobs, poverty reduction and other aspects of development,” said Patricia Espinosa, Executive Secretary of UN Climate Change, in congratulating the Board.