‘Chess game’ as negotiators seek elusive carbon market deal at Cop26

(Climate Home News, 26 Oct 2021) As diplomats prepare to travel to Glasgow for the Cop26 climate talks, it remains touch-and-go whether countries will be able to finalise rules for a new global carbon market.

Under the Paris Agreement, countries agreed to set up a carbon trading system to help decarbonise the global economy at lower cost. It is known as Article 6 and has proved the hardest part of the Paris rulebook to agree.

The market would allow nations to finance carbon-cutting projects in another countries and count the avoided emissions towards their own climate targets. But without robust accounting rules, it has the potential to undermine the Glasgow summit’s key objective: to keep 1.5C – the most ambitious goal of the Paris Agreement – within reach.

If countries want to demonstrate they are serious about “keeping 1.5C alive” then “having good, robust rules on carbon markets is paramount,” Yamide Dagnet, director of climate negotiations at the World Resources Institute, told Climate Home News.

Several experts told Climate Home News the chances of a deal in Glasgow were 50-50. “It’s going to be a real chess game,” said Dagnet.

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Climate Home News, 26 Oct 2021: ‘Chess game’ as negotiators seek elusive carbon market deal at Cop26