Identify the correct statement(s):

1. 'Carbon credit' is a generic term for any tradable certificate or permit representing the right to emit one thousand metric tonnes of carbon dioxide or the mass of another greenhouse gas.
2. The Clean Development Mechanism (CDM) is one of the flexibility mechanisms defined in the Rio Summit, 1992.

Statement 1 is wrong: A carbon credit is a generic term for any tradable certificate or permit representing the right to emit carbon dioxide. One carbon credit is equal to one metric tonne of carbon dioxide, or in some markets, carbon dioxide equivalent gases.

Statement 2 is wrong: The Clean Development Mechanism (CDM) is one of the flexibility mechanisms defined in the Kyoto Protocol that provides for emissions reduction projects which generate Certified Emission Reduction units which may be traded in emissions trading schemes.