Perverted incentive

Here.

Excerpt:

...“But in the meantime,” writes Michael Wara of Stanford University in the journal Nature, “there is evidence that factories are ramping up production of HCFC in order to boost emissions of HFC, so that they can make windfall profits from cutting back on HFC later and selling the emission-reduction credits. They can hope to earn twice as much from selling their credits as they can from selling their refrigerants.”