U.S. Develops Plan B for Global Carbon Market
The United States is working on rules and guidelines for a global carbon trading market as a Plan B in case the UN climate summit in Paris fails to put a system in place.
“A coalition of nations and regions willing to implement the market standards to meet their domestic climate targets would be a fallback position in case the UN-negotiated climate deal expected in Paris doesn’t include such measures or progress is deemed too slow,” Bloomberg reported earlier this month. “The draft text for the UN meeting in Paris has an option to create a market ‘to support sustainable development’ after 2020, building on the existing program under the 1997 Kyoto Protocol,” even though that system fell far short of expectations.
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“The principle of no double counting, something that won’t change over time, really should be enshrined in the agreement,” said EU representative Sarah Blau of Luxembourg. (h/t to Inside Climate News for first pointing us to this story)