Climate Negotiations on New Global Carbon Market Postponed Until 2021

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As the COVID-19 pandemic continues to disrupt lives, travel and operations across the globe, international climate negotiators have decided to postpone discussions on a critical component of the Paris Agreement - developing a global carbon market - until 2021.

Between December 2 and December 15, 2019, 197 states parties to the United Nations Framework Convention on Climate Change (UNFCCC) gathered in Madrid, Spain, for the annual climate change negotiations, known as the Conference of the Parties (COP). One of the main objectives of COP25 was to agree on the remaining item from the so-called Paris Rulebook of instruments that implement the Paris Agreement: the rules for Article 6 of the Paris Agreement. The purpose of Article 6 is to create a new global carbon market to mitigate greenhouse gas (GHG) emissions (often called carbon trading).

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