From the Sinkswatch web site:

New CDM Watch report shows the Kyoto Protocol's Clean Development Mechanism is failing to boost renewable energy

Based on an assessment of projects currently in the process of CDM registration, the report shows that the Kyoto Protocol's Clean Development Mechanism is failing o promote sustainable development, most notably by not financing projects that help in the long-term transition towards renewable technologies. The report concludes that 'the problem is fundamental and stems from the CDM’s structure as a project-based market mechanism in which the search for least-cost carbon credits is the paramount consideration.'

Read the full report.