UN climate talks stymied by carbon markets’ ‘ghost from the past’
With the COP25 negotiations failing to agree on carbon market rules, it will be up to the UK to bring the world together at the crucial 2020 summit.
By Leslie Hook, Financial Times
The UN climate talks that stuttered to a belated and inconclusive close on Sunday in Madrid were undone by a technical issue that turned into a fatal obstacle.
A central task of this year’s talks, known as COP25, was to iron out rules for a new global carbon market—referred to as “Article 6” because it is the sixth article of the Paris climate accord—and create a system that would allow countries to pay each other for projects that reduce emissions.
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