Article 12
1. A clean development mechanism is hereby defined.
2. The purpose of the clean development mechanism shall be to
assist Parties not included in Annex I in achieving sustainable
development and in contributing to the ultimate objective of the
Convention, and to assist Parties included in Annex I in achieving
compliance with their quantified emission limitation and reduction
commitments under Article 3.
3. Under the clean development mechanism:
(a) Parties not included in Annex I will benefit from project
activities resulting in certified emission reductions;
and
(b) Parties included in Annex I may use the certified emission
reductions accruing from such project activities to contribute to
compliance with part of their quantified emission limitation and
reduction commitments under Article 3, as determined by the
Conference of the Parties serving as the meeting of the Parties to
this Protocol.
4. The clean development mechanism shall be subject to the
authority and guidance of the Conference of the Parties serving as
the meeting of the Parties to this Protocol and be supervised by an
executive board of the clean development mechanism.
5. emission reductions resulting from each project activity shall
be certified by operational entities to be designated by the
Conference of the Parties serving as the meeting of the Parties to
this Protocol, on the basis of:
(a) Voluntary participation approved by each Party
involved;
(b) Real, measurable, and long-term benefits related to the
mitigation of climate change; and
(c) Reductions in emissions that are additional to any that would
occur in the absence of the certified project activity.
6. The clean development mechanism shall assist in arranging
funding of certified project activities as necessary.
7. The Conference of the Parties serving as the meeting of the
Parties to this Protocol shall, at its first session, elaborate
modalities and procedures with the objective of ensuring
transparency, efficiency and accountability through independent
auditing and verification of project activities.
8. The Conference of the Parties serving as the meeting of the
Parties to this Protocol shall ensure that a share of the proceeds
from certified project activities is used to cover administrative
expenses as well as to assist developed country Parties that are
particularly vulnerable to the adverse effects of climate change to
meet the costs of adaptation.
9. Participation under the clean development mechanism, including
in activities mentioned in paragraph 3(a) above and acquisition of
certified emission reductions, may involve private and/or public
entities, and is to be subject to whatever guidance may be provided
by the executive board of the clean development
mechanism.
10. Certified emission reductions obtained during the period from
the year 2000 up to the beginning of the first commitment period can
be used to assist in achieving compliance in the first commitment
period.