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PESD research fellow Varun Rai is featured in the Harvard International Review

In a new article in the Fall 2009 issue of the Harvard International Review PESD research fellow Varun Rai discusses the critical elements of effective international carbon offsets markets. The article argues that fundamental problems of perverse incentives and huge transaction costs render the clean development mechanism (CDM) unfit as the backbone of international carbon offsets markets post-2012. Instead, the article emphasizes the need for multilateral deals around large sectors that leverage synergies between climate change benefits and the core interests of developing countries.