In addition to the emissions trade, the Kyoto Mechanisms allows a supplementary means for compliance, CDM(clean development mechanism) and JI(joint implementation) projects. Since the credits from CDM and JI project are equally valid for compliance, trades of credits from these projects have great potentials as it is projected that the demand the demand exceeds the supply of allowances at the end of the first commitment period, 2008~2012. Especially, investment in CDM projects is expected to explode because of the limited opportunity for JI projects and unlimited potentials for project credits in the developing countries. Agriculture is not only sources, but also sinks of GHGs through removal or sequestration of carbon and methane. There have been many efforts around the world to improve agriculture`s ability to sequester GHGs and to seek ways for economic benefits through the Kyoto Mechanism. The purpose of this study is to develop a strategic framework for Korea`s agriculture under the Kyoto mechanism. To this end, the evolvement of international efforts to cope with the climate change is first reviewed. Then, the international markets and trade situations are analyzed. Finally, strategies and procedures are suggested to link agricultural policies to the CDM projects to create economics opportunities for the Korean agriculture.
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