The discussion about Clean Development Mechanism (CDM) Projects has its roots in global warming and its consequences. CDM projects enable developed countries to offset the pollution generated by the acquisition of Certified Emission Reductions (CER), concerning the reduction of Greenhouse Gases (GHG) emissions in developing countries. The article discusses the CDM in a comprehensive manner, based on the opinion of experts, and investigates the future of this market from 2012, the post-Kyoto period. The main results show that the CDM follows the principles of Sustainable Development, focusing on the climate changes and the profitability of projects. It shows that Brazil has real possibilities to act in the CER market which is expected to consolidate in the post-Kyoto. Controversial issues as the future of post-Kyoto, nuclear power and especially the conservation of forests, through the generation of CER, remain undefined.