Economics
Death of UN Market Looms as Climate Draft Downplays Trading
- Brazil seeks UN oversight over emission credits created
- Markets weren't prominent in September draft for Paris deal
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The United Nations’ 18-year-old greenhouse-gas market will probably be killed off unless carbon trading forms a key part of the global climate pact in Paris in December, according to the International Emissions Trading Association.
A deal that doesn’t specifically allow nations to transfer credits for emissions cuts will probably confine trading to a smaller club of countries, reducing the efficiency of climate protection, according to Jeff Swartz, the director of international policy at the trade group. Markets weren’t prominent in a draft text published in September, he said. An amended version is planned early this month, the UN has said.