Limitations of Clean Development Mechanism

The Clean Development Mechanism (CDM) was designed under the Kyoto Protocol to help developed countries meet their greenhouse gas reduction targets by investing in projects that reduce emissions in developing countries. While the CDM has contributed to reducing emissions globally, it has several limitations.

Firstly, the CDM often leads to "carbon leakage," where emissions reductions in one location are offset by ____ ______ ____ _________ ______ ___ ______ ______ ___.
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