The Clean Development Mechanism In The Caribbean: Lessons Learned From The Wind Farm Projects In The Dominican Republic And Jamaica

The Clean Development Mechanism (CDM) is a flexible market mechanism under the Kyoto Protocol to assist developing countries in achieving sustainable development and to facilitate the greenhouse gas emissions reduction of developed countries. Two activities under this strategy take place in the Caribbean. From these two experiences, this paper explores the major lessons learned that could be identified as challenges and opportunities for the CDM region wide. For this purpose, a key group of people was interviewed following an interview guide approach that allows flexibility to the research process. This group included experts on CDM operations, government officials and consultants from financial institutions, carbon market companies and the CDM Executive Board. The principal findings from this investigation suggest that the Caribbean countries need to improve their institutional capacity to better participate in CDM activities and carbon market, define and monitor their national development agenda, and identify and promote CDM opportunities. Also, regional cooperation was found as a key element to expand the Caribbean experience in CDM activities. It was recognized that a more active role should be played by international bodies such as the Organization of American States (OAS), and local and regional financial institutions in supporting the region’s initiatives for CDM. Finally, the results offered by this study could guide the OAS to an expansion of the activities under its Sustainable Development Department, specifically in issues related to climate change, policy analysis, and regional cooperation. As well, the findings could help government officials from the Caribbean to improve certain practices in dealing with the CDM issue