The article explores the Clean Development Mechanism (CDM) from the Kyoto Protocol, focusing on how it encourages investments in projects that reduce greenhouse gas emissions. Researchers studied how markets influence these investments and looked at the costs of reducing emissions through CDM. They found that the CDM is spreading and is likely to grow in the future. The study also explains why different countries adopt the CDM at various rates. In conclusion, the CDM is seen as a way for countries to work together to fight climate change, with important policy implications.