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Today's fragmented world demands creative institutional arrangements to allow governments, international organizations, and civil society actors to join forces in addressing global environmental problems. This article discusses the Clean Development Mechanism (CDM) as foreseen under Article 12 of the Kyoto Protocol in the context of new models of governance. To do so, it depicts CDM's history, institutional setting and participatory elements. The CDM serves as a concrete example of how new collaborative networks consisting of nation states and nonstate actors can help in implementing international trea- ties. The articles traces the history of the United Nations Framework Convention on Climate Change process to provide a sufficient background for a more detailed discussion of the CDM. On that basis, it provides an analysis of the CDM, and depict the Prototype Carbon Fund, administered by the World Bank, as an example for an innovative model of cooperation between the private and the public sectors. [ABSTRACT FROM AUTHOR]