UN Proposes Stopgaps as Global Talks Fail to Renew Kyoto Treaty
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United Nations talks in Bonn next month will consider extending the emission caps included in the Kyoto Protocol for two years after they expire in 2012, preventing an interruption in the supply of offset credits.
Extending the targets may help stop a “gap” in the Clean Development Mechanism, the world’s second-biggest carbon market, should nations fail to agree on a treaty to replace or permanently extend the 1997 protocol, according to a July 20 discussion paper prepared by administrators of the UN Framework Convention on Climate Change for a group negotiating targets for developed nations.