U.N. climate summit reaches carbon markets deal

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FILE PHOTO: Smoke rises from a chimney at a coking factory in Hefei, Anhui Province, October 2, 2010. Businesshala/Stringer/File photo
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GLASGOW (Businesshala) – Negotiators at the United Nations climate summit in Scotland on Saturday closed an agreement to settle rules for carbon markets, potentially raising trillions of dollars for projects to help curb climate change. Dollar unlocked.

The final deal, adopted by nearly 200 countries, would implement Article 6 of the 2015 Paris Agreement to allow countries to partially meet their climate goals by purchasing offset credits representing emissions cuts by other countries. Rules will be set.

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Companies as well as countries with vast forest cover had pushed for a firmer deal on government-led carbon markets in Glasgow in the hopes that the booming global voluntary offset markets would also be legalized.

Critics worry that the offset may go too far in allowing countries to continue emitting climate-warming gases, making some wary of a hasty deal.

Reporting by Jake Spring and Kate Abnett Additional reporting by Valerie Volcovici Editing by Jan Harvey and Mark Potter

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