This report aims to provide an independent assessment of the impact of the Clean Development Mechanism (CDM) across a broad range of metrics and possible effects. The impact of the CDM is assessed firstly in relation to its original purposes stated in Article 12 of the Kyoto Protocol, namely ‘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.’ There are also other potential impacts, including impacts on: technology transfer; financing; net global greenhouse gas (GHG) emissions; energy security; clean energy investment; and the regional distribution of projects. The report notes that capacity building for low carbon development within developing countries may be one of the most important sustainable development impacts of the CDM.