The international community is approaching a period of transition in the international carbon market under the post-Kyoto regime. In response to international greenhouse gas reduction activities, Korea has participated in the international carbon market through CDM projects in various sectors. In addition, as Korea implemented the greenhouse gas and energy target management system in 2011 and introduced the emissions trading scheme in 2015, the range of stakeholders related to greenhouse gas reduction projects is expected to expand further. Therefore, activities that systematically manage the risks of related projects by using information on carbon credit delivery in CDM projects are very important. Accordingly, this study analysed empirical data from CDM projects in which carbon credit delivery took place from 2004 to the first half of 2012, presented meaningful information, and analysed risk factors in carbon credit delivery. Through this study, first, information was provided to help understand CDM projects by introducing the benefits, sectors, types, procedures, and participant status of CDM projects, and in particular, the status of CDM project delivery by country, continent, and project type was explained. Second, based on the characteristics of CDM projects and risk studies on CDM projects by governments, insurance companies, consulting firms, and academia, this study organised 15 delivery risk factors under five categories of risk: CDM project characteristic risk, host country risk, project participant risk, institutional risk, and technical risk, thereby establishing a framework for analysing carbon credit delivery risk factors. Finally, variables were set for the 15 delivery risk factors, and multiple regression analysis was conducted for hypothesis testing. As a result, from the perspective of CDM project characteristic risk, achieving the carbon credit delivery plan target in the PDD for the first issuance of carbon credits was analysed as an important factor in increasing the delivery rate of the entire project. From the perspective of country risk, conducting projects in countries with high transparency and extensive DNA operating experience was analysed as a factor that increases the delivery rate. From the perspective of institutional risk, the CDM learning effect and the EU-ETS Phase I and II periods were analysed as not being factors that determine the delivery rate. From the perspective of project participants, the selection of a specific DOE (Validator and Verifier) could increase the delivery rate, but selecting an institution with extensive DOE experience was analysed as not necessarily increasing the delivery rate. From the perspective of technical risk, methodology was an important factor determining the delivery rate, and the more methodologies applied to a project, the lower the delivery rate was found to be. This thesis contains variables that could not be included in the research because of limitations in data collection. It is also considered necessary to further refine the classification criteria for meaningful analysis of the approximately 90 methodologies used in the empirical analysis. Nevertheless, this thesis is significant in that it analyses factors affecting the carbon credit delivery rate based on 1,603 empirical data points accumulated over approximately nine years and provides various stakeholders with implications for risk management measures in related projects.