The CDM is expected to come into effect before other ``flexibility mechanisms'' (provisionsunder the Protocol allowing Annex B countriesto meet some or all of their commitments
through activities in other countries). This isbecause the CDM includes a ``banking'' pro-
vision through which carbon credit can be earnedas early as 2000 and later applied to oset emis-
sions of Annex B countries during the Protocol'sfirst commitment period (2008±2012).
Decisionsare still pending as to what, if any, LUCF activi-ties will be eligible for credit under the CDM.