This study looked at how countries trade permits to reduce greenhouse gas emissions through the Clean Development Mechanism (CDM). The researchers used models based on international trade ideas to analyze these trades. They found that the main factor influencing CDM projects is the total amount of greenhouse gases emitted by the countries involved. They also discovered that the size of the projects and the quality of a country's infrastructure play important roles. Despite some imbalances in the CDM, it was shown that emissions from the host and credit countries were consistently linked to the number of projects. The results suggest that policies could be put in place to change how the CDM is managed in the future.