The flexibility mechanisms that are defined in the Protocol could allow the Annex B countries to meet their emission reduction commitments at a significantly reduced cost (Bashmakov et al., 2001, p. 402;[REF] Goulder and Pizer, 2006, p. 12) [REF].
The Kyoto Protocol was designed to be efficient and equitable (Toth et al., 2001, p. 660),[REF] but it has been subject to criticism (Stern, 2007, p. 478) [REF].