Home Markets U.N. climate summit reaches carbon markets deal

U.N. climate summit reaches carbon markets deal

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Smoke billows from a chimney at a coking factory in Hefei, Anhui province October 2, 2010. REUTERS/Stringer/File Photo

  • New rules adopted by nearly 200 nations
  • Deal implements Paris pact article
  • Trillions of dollars may be unlocked for projects

GLASGOW, Nov 13 (Reuters) – Negotiators closed a deal setting rules for carbon markets at the United NationsCOP26 climate talks on Saturday, potentially unlocking trillions of dollars for protecting forests, building renewable energy facilities and other projects to combat climate change.

The final deal adopted by nearly 200 countries will implement Article 6 of the 2015 Paris Agreement, allowing countries to partially meet their climate targets by buying offset credits representing emission cuts by others.

Companies, as well as countries with vast forest cover, had pushed for a robust deal on government-led carbon markets in Glasgow, in the hope of also legitimising the fast-growing global voluntary offset markets.

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