A UN expert group has reached a compromise on key elements of a global carbon trading system, in a bid to resolve nearly a decade of talks on what is seen as an important tool for raising climate finance.
The 12-strong group which includes representatives from the EU and Saudi Arabia — traditionally opposed on climate policy — chose to “go beyond their formal mandate and establish standards by themselves”, said Eve Tamme, managing director of advisory group Climate Principles.
Carbon trading is among the top priorities for negotiation at the UN COP29 climate summit to be held in Baku next month, to formalise a market first sketched out as part of the 2015 Paris agreement.
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