The Clean Development Mechanism isn’t working. From The Guardian,
If a significant number of the 1,900m CDM credits [Clean Development Mechanism; it is supposed to offset greenhouse gases emitted in the developed world by selling carbon credits from elsewhere] waiting in the pipeline also prove to be bogus, the whole Kyoto project would start to backfire.
The Kyoto project is not credible. And as Charles de Gaulle said about treaties,
Treaties are like girls and roses. They last while they last.