Tue, Sep 11, 2018 - Page 9 News List

Norway seeks to offset its pollution 12 years early

International carbon emissions trading markets are emerging as a tool to help nations meet climate goals

By Mathew Carr, Jesper Starn and Jeremy Hodges  /  Bloomberg

“International carbon markets support the efficient use of financial resources by reducing emissions where the lowest abatement costs can be found,” said Franz Perrez, an ambassador and climate negotiator for Switzerland.

Developing countries selling credits “will keep the cheapest emission reductions and the easiest ones to achieve and sell emission reductions that require more investments,” Perrez said. “Therefore, we expect higher prices for compliance credits than under the Kyoto Protocol,” the 1997 agreement that helped establish carbon markets.

International cooperation and carbon trading would spur faster emission cuts in the middle-income countries that are “central to the global transition” from fossil fuels, said Eva Svedling, state secretary to Swedish Minister for International Development Cooperation and Climate Isabella Lovin.

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