UK wants carbon market in global climate deal

Including a new carbon market to boost action to slash emissions in negotiations heading toward a climate change meeting in Paris next year is critical, a United Kingdom official said.

Amber Rudd, U.K.’s parliamentary under secretary of state for climate change, said that if the United Nations gets behind a market that would give credits to those cutting greenhouse gas emissions, it “would be the most important part of any international agreement,” Bloomberg reports.


Carbon markets would likely create incentive for nations to commit to larger emission reduction targets during the coming years because it will offer opportunities for private investment capital, according to a United Nations report, Bloomberg reports.

The comments come as global leaders are preparing to meet in Lima, Peru, next week to begin crafting a draft copy of the international climate accord that countries plan to finalize and sign in Paris at the end of next year.