The United Nations’ carbon program, the world’s second biggest, needs “ambitious” emission-reduction targets to rescue a market that has shrunk by nearly 80 percent since 2007, according to the European Commission. Greenhouse gas credits dropped to a record.
More than 190 nations will discuss climate-protection rules for the period after 2012, when the current targets for developed nations under the Kyoto Protocol expire. Talks will take place in Durban, South Africa, starting Nov. 28. The European Union is open to the so-called second commitment period under certain conditions and hopes to have a new agreement binding all countries to cut emissions within five years, said Artur Runge-Metzger, the bloc’s envoy to the talks.