- Buying carbon offsets could aid heavy-emitting nations, Like Canada, to reach their climate aims.
- Article 6 of the Paris Agreement allows countries to trade carbon-emission credits, although talks continue at COP26 on how to work on it.
Emissions trading program at the COP26:
After six years of crash attempts, there are expectations COP26 could produce a long-awaited deal on regulations for the worldwide carbon market, seen as key to assisting nations and firms cut emissions while driving investment into low-carbon plans.
Normally, most nations are in support of a carbon-trading system as a method to cut the emissions behind climate change.
But an important stumbling block in the talks has been agreeing on how a carbon-trading method would work and how much credit each nation could receive toward their emissions targets.
A normal framework was included in the 2015 Paris Agreement, which almost 190 nations have fixed. But the specifics are still not clear, and that is why it remains an offer instead of a solid deal.
During the two-week climate meeting in Glasgow, COP26 president Alok Sharma remarked that while progress had been made on the problem, there was also much more work to be completed.
“Clearly there’s a political consensus that has to be construct on this,” he said, while also explaining how people will be “astonished” if talks once again fail, since “we’ve been discussing this for six years.” Source – cbc.ca