GLASGOW, Nov 13 (Reuters) – Negotiators closed a deal to settle rules for carbon markets at the U.N. climate summit in Scotland on Saturday, potentially unlocking trillions of dollars for projects to help curb climate change.
A revised deal was approved at the United Nations climate conference on Saturday after a last-minute change to the text regarding coal, which drew complaints from vulnerable nations wanting a more definitive statement on ending fossil fuel subsidies.
After a last-minute change to the language surrounding coal with India proposing replacing the phrase “phase out” with “phase down”, Britain’s president of the COP26 summit brought down the gavel to signal an agreement that was negotiated over two weeks had been passed.
The final deal adopted by nearly 200 countries will implement Article 6 of the 2015 Paris Agreement , setting the rules for allowing countries to partially meet their climate targets by buying offset credits representing emissions 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 also of legitimising the fast-growing global voluntary offset markets.
Critics worry that offsetting could go too far in allowing countries to continue emitting climate-warming gases, making some wary of a hasty deal.
(Reporting by Jake Spring and Kate Abnett Additional reporting by Valerie Volcovici Editing by Jan Harvey and Mark Potter)
Photo EPA-EFE/LAURENT GILLIERON