With a substantial project pipeline and more than 500 million Certified Emission Reductions issued to date, the Clean Development Mechanism (CDM) has rapidly become a central pillar of the international carbon market. While this success testifies to its appeal for investors and project developers, growing criticism has been directed against a number of perceived shortcomings, from disappointing environmental and development benefits to cumbersome approval procedures and flawed governance structures. In this new collection of essays, more than twenty recognized experts draw on their diverse professional and geographic backgrounds to identify challenges and opportunities on the path towards CDM reform. Recommendations for improvement are complemented by case studies in a wide range of sectors and geographic settings. Practitioners and academics alike will benefit from the rigorous analysis and timely conclusions outlined in this volume.