"COP Carbon-Market Talks Struggle as U.S. Lines Up Behind EU"

"Talks at COP26 on international carbon markets are running into difficulties, as the U.S. lines up behind the European Union with objections to a key demand from developing countries, according to people familiar with the situation.

At issue is a proposal for a kind of transaction tax on carbon trading, with proceeds going to help nations struggling most with the ravages of climate change.

Making progress on carbon trading is the key benchmark of success at the Glasgow climate talks. A deal would help cut emissions, drive investment into low carbon projects and make what’s potentially a $100 billion offset market more transparent and rigorous.

There are two main tracks of the talks: one is focused on bilateral exchanges of carbon credits to help countries meet their national climate targets. The other is about creating a global marketplace for trading offsets."

Jennifer A Dlouhy reports for Bloomberg November 6, 2021.

SEE ALSO:

"As COP26 Climate Summit Continues, Attention Turns to Carbon Markets" (E&E News)

"COP26 Carbon-Market Talks 'Difficult' - But Hopes For Breakthrough, Says Norway Minister" (Thomson Reuters Foundation)

"In-Depth Q&A: How ‘Article 6’ Carbon Markets Could ‘Make Or Break’ the Paris Agreement" (Carbon Brief: Nov. 29, 2019)

"Carbon Market Talks Stumble at COP26 on How to Use the Cash" (Bloomberg Green)