This note contains an elaboration by the Chair of the Ad Hoc Working Group on Further Commitments for Annex I Parties under the Kyoto Protocol (AWG-KP) of possible improvements to emissions trading and the project-based mechanisms, namely the clean development mechanism and joint implementation under the Kyoto Protocol. The elaboration builds upon the elements contained in annexes I and II of the report of the AWG-KP at the first part of its sixth session, which had been compiled from views submitted by Parties. It also draws upon further input on these elements submitted by Parties and discussions held during sessions and workshops under the AWG-KP