Yet, CDM project features, add to the above listed risks those linked to compulsory steps of its implementation, i.e. approval, validation, registration, monitoring, certification and issuance of Certified Emission Reductions (CERs). An adequate risk assessment and application of existing instruments and best practices for risk management is one of the key tasks for successful development and implementation of CDM projects.

To this effect, on 11-15 May 2009 the UNDP project “Capacity Building for Clean Development Mechanism in Uzbekistan” is hosting a mission of an international consultant on risk assessment and management of CDM projects in Uzbekistan, Mr. Axel Michaelowa (Switzerland).

Dr. Michaelowa is a top world expert on issues of Climate Change and the Kyoto Protocol. His achievements include the following:

- Member of the Registration and Issuance Team of the CDM Executive Board (evaluation of 75 projects to date);
- Methodology Reviewer for the CDM Executive Board (13 methodologies reviewed);
- Lead Author for Chapter 13 “Policies, instruments and co-operative arrangements” of the contribution of Working Group III to the IPCC Fourth Assessment Report;
- Associate Editor of the journal “Climate Policy”;
- Methodology expert in six Assessment Teams for accreditation of validators and verifiers by the CDM Executive Board.

The mission schedule includes a training workshop on risk assessment and management (RA&M) for national CDM experts highlighting specific features of RA&M applied for CDM projects, experience of leading carbon companies in RA&M of CDM projects, and presentation of 2 case studies on risk assessment and management of CDM projects in energy sector of national economy.

The mission also envisages consultations at target ministries and agencies for national decision makers and CDM project developers, a learning hour on issues of Climate Change, Kyoto Protocol and post-2012 perspectives for staff of the UNDP country office and projects, as well as a briefing for mass media.