Climate Changed
Hopes Dim for Broad Deal on Global Carbon Market at UN Talks
Envoys are working to create a mechanism to spur hundreds of billions of dollars of aid for cutting greenhouse gases.
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For the second year in a row, a rift between industrial and developing nations about how to use carbon markets risks watering down a deal that could unlock hundreds of billions of dollars in aid for climate-related projects.
Envoys from almost 200 nations entered their final day of talks at a United Nations COP25 event in Madrid were still debating details of the plan. That raised the prospect that they will leave without agreeing on enough of a framework to revive a global market once worth more than $138 billion.