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  "documentTitle": "ey net zero centre carbon offset publication 20220530",
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      "text": "While this approach has some appeal, our findings highlight a very real downside. Unlike a traditional subsidy program, the consequence of misallocating offsets isn't just to create an inefficient transfer. It also generates external costs by underwriting an increase in global emissions.",
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      "text": "Our paper also contributes to the study of a broader class of policies that leverage the logic of offsetting. This includes everything from Corporate Average Fuel Economy standards... to Renewable Portfolio Standards...",
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      "text": "To apply our framework three conditions must be met. First, one needs a context in which some activity is not subsidized... Second, one needs to establish which conditions are sufficient... Third, one needs data to evaluate...",
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      "text": "We also contribute to a broader literature that seeks to identify the existence and magnitude of infra-marginal support in subsidy programs. The empirical challenge in identifying infra-marginal carbon offsets is similar to...",
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