Rift between Germany and Brazil stalls work on carbon market – report
A dispute pitting two groups of nations led, respectively, by Germany and Brazil is holding up work on creating a global market for trading carbon pollution, which is one of the pillars of the Paris Agreement on climate change, report Mathew Carr and Brian Parkin for Bloomberg. Germany, along with the European Union and industrialised countries, says that developing nations may “create too many loopholes” with Brazil’s proposal for the market’s rules. Germany wants a completely new system with a “clean and uniform” design, environment state secretary Jochen Flasbarth told Bloomberg.
Decisions and negotiations on the “markets article” (Article 6 Paris Agreement) had been postponed to 2019 when the rulebook for the Paris Agreement was hammered out at the COP24 climate conference in Katowice in December.