Do carbon offsets offset carbon?

Working paper by Raphael Calel, Jonathan Colmer, Antoine Dechezleprêtre, Matthieu Glachant on 3 Nov 2021

In this paper the authors develop and implement a new method for identifying ‘wasted’ subsidies, and use it to provide systematic evidence on the misallocation of carbon offsets in the Clean Development Mechanism, the world’s largest carbon offset programme.