The threat of global warming is bringing a new pro-environmental paradigm all over the world under the Kyoto Protocol. Addressing climate change is beneficial to all countries because environment is global public good. However, because global warming is also closely related to each country’s specific condition such as industrial development and political situation, prudent approaches considering different situations of each country are required in order prevent unintended negative consequences. This study focuses on the weakness of the current CDM (Clean Development Mechanism) in terms of impeding sustainable development in LDCs (Least Development Countries). As a case study, the Grameen Shakti Program in Bangladesh demonstrates the potential scenario of sustainable development in LDCs through CDM markets and a new financial model of CERs (Certified Emissions Reductions) is suggested to support and replicate the Grameen Shakti Program other LDCs. / text