Zusammenfassung (übersetzt):
The Clean Development Mechanism (CDM) is one of the economic instruments created under the Climate Convention, by the Kyoto Protocol, with the aim of reducing global greenhouse gas (GHG) emissions at low cost. Considering its implementation in Brazil, the present study analyzed Brazilian both federal expenditures and mobilization of international capital directed to it in the period from 2000 to 2020. The analysis was carried out by consulting the CDM database, official budget, planning and management reporting documents, and complemented with the contribution of key actors. The results reveal that the public investment was near to negligible compared to what the CDM leveraged from private resources for low-emission projects or even what was generated from resources of external origin through the sale of CERs. In addition to bringing transparency with regard to expenses and benefits to society, within the scope of catalyzing solutions for the low carbon economy promoted by the CDM, this study contributes to the analysis of the importance of the state activity, in windows of opportunity such as the one established under the Kyoto Protocol, in mobilizing external resources to boost private action towards the low carbon economy.