Nature 445, 595 - 596 (08 February 2007); doi:10.1038/445595a

Is the global carbon market working?

Michael Wara

Michael Wara was at the Program on Energy and Sustainable Development, Stanford University, Stanford, California 94305, USA, and is now at Holland & Knight LLP, 50 California Street, San Francisco, California 94111, USA.

The Clean Development Mechanism can be viewed not only as a market, but also as a subsidy and a political mechanism. Michael Wara argues that it has been most effective, so far, in achieving its political goals.

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