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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References
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Wara, M. Is the global carbon market working?. Nature 445, 595–596 (2007). https://doi.org/10.1038/445595a
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DOI: https://doi.org/10.1038/445595a
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