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The report analyzes 43 proposed post-2012 climate regimes, categorizing them into five types: targets with flexibility mechanisms, targets with emissions trading only, policy and sectoral approaches, technology approaches, and other approaches. It argues that while the current project-based CDM is compatible with some regimes, an 'expanded CDM'—incorporating programmatic, policy-based, or sectoral crediting—could vastly increase the volume of greenhouse gas reductions but risks swamping the carbon market if not matched by ambitious developed-country targets. The authors emphasize the 'development dividend'—benefits beyond GHG reductions—and suggest that graduating large emitters (like the BRICSAM nations) from the CDM could improve regional equity for least developed countries (LDCs).