A Realistic Policy on International Carbon Offsets: what nobody wants to hear, but what is true. In Beijing, the Air Protection Law forced State-Owned Companies to close-down all coal-fired boiler houses and other coal-fired industries within the 4th ring road. The Worl Bank has given loans for a fuel-switch from coal to Natural Gas. The tricky ones got the fuel-switch funded by sellings CERs, issued by UNFCCC. There is no additionality, as the fuel-switch was compulsory by Chinese law, but the EU is 1) paying China for this emission reduction and 2) continues own GHG emissions by this money transaction.
want more: http://iis-db.stanford.edu/pubs/22157/WP74_final_final.pdf
IIASA's Global Energy Assessment