New Carbon Market Years Away Says Envoy Seeking Paris Allies
- Lack of demand among hurdles to global emissions trade
- NZ sees some nations pushing ahead with smaller market groups
The Challenge of Paying for Climate Change Efforts
The latest attempt to create an international carbon market will take about four more years and may prompt some countries to press ahead with their own emissions trading rules, according to New Zealand’s climate minister, who’s seeking to hasten talks on the subject at climate negotiations in Paris.
Hurdles to global emissions trading include tepid demand from developed countries preoccupied with cutting their own fossil-fuel use, as well as skepticism that markets can lower the cost of climate change, said Tim Groser, a 36-year veteran of international policy negotiations. Smaller groups of nations may make a head start on forming markets before a United Nations-led effort is agreed on, he said.