The article looks at how carbon prices affected emission reduction projects in Spain during the Kyoto Protocol period. The researchers found that Spain bought carbon permits at lower prices than in other markets, leading them to choose this option instead of creating projects to reduce greenhouse gas emissions in their own country. The government opted to acquire a lot of permits through agreements with other countries, rather than investing in projects to cut emissions locally. More transparency is needed in these types of transactions to better understand how countries are dealing with carbon emissions.