ðə nˈaɪntiːnhˈʌndɹɪd nˈaɪnti sˈɛvən kaɪˈoʊɾoʊ pɹˈoʊɾəkˌɑːl ɹˈɛkəɡnˌaɪzd klˈiːn dɪvˈɛləpmənt mˈɛkənˌɪzəm sˌiːdˌiːˈɛm ɐlˈaʊɪŋ ðɪ ˈɔfsɛt ʌv ɪmˈɪʃənz ɪn dɪvˈɛləpt kˈʌntɹiz baɪ ðɪ ɪnvˈɛstmənt ɪn ɪmˈɪʃən ɹᵻdˈʌkʃən pɹˈɑːdʒɛkts ɪn dɪvˈɛləpɪŋ kˈʌntɹiz lˈaɪk tʃˈaɪnə, ˈɪndiə ɔːɹ lˈætɪn ɐmˈɛɹɪkə.
The 1997 Kyoto Protocol recognised Clean Development Mechanism (CDM) allowing the offset of emissions in developed countries by the investment in emission reduction projects in developing countries like China, India or Latin America.