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The Clean Development Mechanism and SustainableDevelopment: A Panel Data Analysis. 
Yongfu Huang and Terry Barker  February 2009 
Tyndall Centre for Climate Change ResearchWorking Paper 130
 
The Clean Development Mechanism and Sustainable Development:
A Panel Data Analysis
Yongfu Huang and Terry Barker
Tyndall Working Paper 1
30
,
February
2009
Please note that Tyndall working papers are "work in progress". Whilst they arecommented on by Tyndall researchers, they have not been subject to a full peer review.The accuracy of this work and the conclusions reached are the responsibility of theauthor(s) alone and not the Tyndall Centre.
 
The Clean Development Mechanismand Sustainable Development:A Panel Data Analysis
∗
Yongfu Huang
a
†
Terry Barker
aa
4CMR, Department of Land Economy, University of Cambridge19 Silver Street, Cambridge CB3 9EPFebruary 17, 2009
Abstract
The Clean Development Mechanism (CDM) of the Kyoto Proto-col is designed to allow the industrialised countries to earn creditsby investing in greenhouse gas (GHG) emission reduction projects indeveloping countries, which contribute to sustainable development inthe host countries. This research empirically investigates the long-runimpacts of CDM projects on CO
2
emissions for 34 CDM host coun-tries over 1990-2007. By allowing for considerable heterogeneity acrosscountries, this research provides strong evidence in support of a signif-icant e
ff 
ect of CDM projects on CO
2
emission reductions in the hostcountries. It o
ff 
ers ample recommendation for improving CDM devel-opment and serves to encourage the developing countries to strengthentheir national capacity to e
ff 
ectively access the CDM for their sustain-able development objectives.
Keywords:
Clean Development Mechanism; CO
2
Emissions; Het-erogeneous Dynamic Panels
JEL Classi
fi
cation:
O19
;
Q54; Q56
∗
We thank Cathy Goss, Lynn Dicks, Esteve Corbera and seminar participants at the2008 international sustainable development conference at Strasbourg (France) for valuableinformation and helpful suggestions. The usual disclaimer
†
Corresponding author: Email: yh279@cam.ac.uk; Tel: 0044-1223 764873; Fax: 0044-1223 337130; URL: http://www.landecon.cam.ac.uk/yh279/huangyf.htm.
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