The independent high-level panel on the Kyoto Protocol's Clean Development Mechanism (CDM) was established to review past CDM experience and help ensure the readiness and positioning of the CDM to meet the challenges of the post-2012 period. This final report contains 51 specific recommendations across 12 areas to address the crisis in international carbon markets and to make the CDM fit for the future. The panel recommends that the CDM should substantially reform its operating procedures in order to address shortcomings and improve its reputation and future performance. Moreover, its governance should be restructured to become a more accountable and efficient. In formulating these recommendations, the panel commissioned an extensive research programme covering 22 topics across three main areas: the impact of the CDM to date; the governance and operations of the CDM; and the future context in which the CDM could operate.