Carbon markets need reform, say Wara and Victor

A new PESD working paper, "A Realistic Policy on International Carbon Offsets" by Michael Wara and David Victor, argues that a substantial fraction of the international carbon market does not actually represent real reductions in emissions. They also argue that these international credits, which are part of the Kyoto Protocol's "Clean Development Mechanism (CDM)," will not offer companies reliable ways to contain the cost of complying with limits on emissions. Links below to the original paper and reporting in many sources, including the Economist, Guardian, Le Monde, National Public Radio, and BBC Radio.

• » A Realistic Policy on International Carbon Offsets
• » Guardian (UK)
• » Le Monde (France)
• » Economist
• » Sydney Morning Herald, Australia