While the CDM and JI have offered an initial pathway for companies to invest in low carbon technologies, there are key limitations of the mechanisms which prevent the wide ) spread deployment of technology based solutions that reduce energy consumption and GHG emissions. These drawbacks are primarily attributed to the ' project)based' nature of the existing offset mechanisms, making it difficult to demonstrate additionality and select the appropriate baseline scenario, particularly for highly integrated industries such as the chemical process industry.
Although there are several proposals for a post-2012 agreement, there is, at the time of this writing, no clear pathway that defines a way forward for international offsets. It is clear that, based on earlier discussion in the introductory chapter, many of the imminent schemes such as Phase 3 of the EU ETS and the United States Climate Change Bill include provisions for international offsets. This section examines existing proposals to scale up investment in low carbon technologies through international offset mechanisms.
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