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Professor David Victor is quoted in Carbon Control News reporting that a Stanford study will soon come out that casts doubt on the feasibility of using emission offsets as a cost-control mechanism under federal cap-and-trade legislation:
Program Director David Victor said the upcoming study will question the effectiveness of using offsets as a substitute for a safety valve approach to limit the cost of carbon credits. In addition, Victor said it will show that "between a third and two thirds" of emission offsets under the Clean Development Mechanism (CDM) -- set up under the Kyoto treaty to encourage emissions reductions in developing nations -- do not represent actual emission cuts. Victor is developing the analysis with Stanford University's Michael Wara.