Ho ow w O Of ff fs se et ts s D De ef fe ea at te ed d t th he e K Ky yo ot to o P Pr ro ot to oc co ol l Abstract Developing countries sell carbon offset credits at a profit, but that profit would be reduced if they accepted a cap on emissions. This linkage increases their resistance to accepting such caps. Also, the profitability of offsets motivates developing countries to insist on stricter...