February 7, 2007 - In the News
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.
The Clean Development Mechanism ("CDM") was created by the Kyoto Protocol with the aims of encouraging emissions reductions in the developing world and cheapening greenhouse gas mitigation for developed countries. As part of PESD's work on Climate Change Policy, Michael Wara comments on the resulting markets in the February 8 edition of Nature.
The paper and underlying study linked below have also garnered media attention by the New York Times, the International Herald Tribune, the Financial Times, and Marketplace.