The document discusses three pillars of climate change governance: governments, institutions, and markets. It states that when one pillar fails, the others can compensate and the system aims to self-correct over time through evolution. However, the document also notes there are consistent failures in governance due to issues with participation, sophistication, representation, credibility, transparency, and pricing mechanisms in these pillars. Specific examples of market failures in India's power, steel, and cement industries are provided. The steps for developing a clean development mechanism project are outlined, taking around 700 days from registration to issuance of credits.