A mechanism for non-Annex 1 countries to create carbon credits under the Kyoto protocol and sell those to Annex 1 countries to meet their Kyoto commitments. The tradeable instrument is known as a certified emission reduction (CER). The Kyoto commitment period ended 31 December 2020. The CDM is not formally recognised under the Paris Agreement and all new CERs are classified as provisional as at 1 Jan 2021. There is an expectation that a decision around the future of the CDM will be decided at COP26. There is still demand for CERs in the voluntary markets.