This note by the Chairmen responds to the request to consolidate a text for further negotiation. It is based on the “Synthesis of proposals by Parties on principles, modalities, rules and guidelines” (document FCCC/SB/1999/8 and Add.1), the “Note by the Chairman of the contact group on mechanisms”, distributed at the fifth session of the COP by Mr. Chow Kok Kee (Malaysia), further submissions by Parties (document FCCC/SB/2000/MISC.1), as well as views expressed by Parties on the occasion of the informal consultations. There are four parts to this document. Part one includes definitions and abbreviations used throughout the document. The placing of definitions and abbreviations in a separate part is for ease of reference only and does not include a judgement on the part of the Chairmen where such definitions shall be placed at a later stage. The subsequent three parts contain text, including appendices, for each of the mechanisms under Article 6 (referred to by some Parties as “joint implementation” (JI)), Article 12 (clean development mechanism (CDM)) and Article 17 (emissions trading) of the Kyoto Protocol