This report covers the work of the Executive Board of the clean development mechanism in the reporting period from 10 September 2021 to 8 September 2022, which saw a decrease in project registrations but a marked increase in issuance of certified emission reductions, especially pertaining to the first commitment period of the Kyoto Protocol, since the previous reporting period. The Executive Board continued the temporary measures for the operation of the clean development mechanism after the second commitment period, following the guidance of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol at its sixteenth session. With the clarity provided at that session on the functioning of the clean development mechanism after the second commitment period, this report contains new recommendations of the Executive Board for the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol regarding the future of the mechanism.