THE 11TH CONFERENCE OF THE PARTIES TO THE UNITED NATIONS FRAMEWORK CONVENTION(1) INTRODUCTION On 16 February 2005, Prime Minister Martin announced that Canada would host the 11th Conference of the Parties (COP-11) to the United Nations Framework Convention on Climate Change (UNFCCC) in Montréal. [...] ISSUES AT COP-11 AND COP/MOP-1(5) Among other issues, the following were discussed at COP-11 and, more particularly, at COP/MOP-1: • adoption of the Marrakesh Accords; • commitments for periods after 2012; • procedures and mechanisms relating to compliance under the Kyoto Protocol, including the election of the members of the Compliance Committee; • improvement of the clean development mechanism; [...] Paragraph 9 of Article 3 of the Protocol states: Commitments for subsequent periods for Parties included in Annex I shall be established in amendments to Annex B to this Protocol, which shall be adopted in accordance with the provisions of Article 21, paragraph 7. The Conference of the Parties serving as the meeting of the Parties to this Protocol shall initiate the consideration of such commitmen [...] However, in the end the COP/MOP approved and adopted “the procedures and mechanisms relating to compliance under the Kyoto Protocol,” without prejudice to the outcome of negotiations toward the adoption of an amendment with legally binding consequences. [...] The short supply drives up the price of CERs and limits the effectiveness of the CDM.