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This paper analyzed, for the Brazilian case, the Clean Development Mechanism (CDM). The concept of negative externality and market failure was used to understand the need for environmental policies capable of favoring the sustainable development of countries. The results show the importance of scale for the registration of projects. The energy sector, for example, has more small-scale projects that were created to simplify procedures and lower costs. It was concluded, in general, that the CDM has become an international historical landmark, as it is an innovative tool in contributing to the mitigation of climate change. However, despite its importance being recognized globally, it was observed that the mechanism has weakened over time and there are uncertainties regarding the validity of the Kyoto Protocol. [ABSTRACT FROM AUTHOR]