A Critical Assessment of the Clean Development Mechanism
Chapter 6: Do domestic renewable energy promotion policies lead to more CDM projects?
In Chapter 5, the CDM portfolio of eight countries was analysed in terms of the size and abatement cost of the emission reduction options that have been captured. It was found that while the CDM mostly focuses on cheap emission reduction options so far, these have not yet been exhausted in its main host countries. The empirical findings support the hypothesis that the CDMís reliance on the market makes it focus on the mitigation options that are cheaper ñ and easier to realize ñ first. This is efficient from the economic point of view and is actually the intended role of the CDM: the mechanism was designed as a cost-containment instrument that would provide industrialized countries with emission targets the opportunity to seek cheaper emission reduction options abroad and count them as their own (Werksman 1998; Toman et al. 1999).
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