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Professor David Victor is quoted in The Washington Times in a commentary by H. Sterling Burnett about they cap-and-trade system for carbon offsets:
Under a carbon offset scheme, a country (or company) can meet its emission targets by paying others to reduce their emissions. To facilitate this process, the United Nations created the Clean Development Mechanism (CDM), an international market where buyers who need to offset their emissions can purchase carbon credits from developing countries - effectively paying for emission reductions by others.
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David Victor, the head of Stanford University's Energy and Sustainable Development Program, found that "between a third and two-thirds" of CDM offsets do not represent actual emissions cuts.