Carbon Declines as Europe Debt Crisis Outweighs Durban Deal
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Carbon prices declined on speculation Europe’s debt crisis will depress demand even as the world’s largest polluters back away from positions that have stymied global climate talks.
China, the world’s biggest emitter, and India agreed at the climate summit that ended yesterday in Durban, South Africa, to take part in talks starting next year that would bind them for the first time to emission reductions. The U.S., the second-biggest emitter, also signed on to a plan led by Europe to reach a global agreement by 2015 to restrict greenhouse gases linked to climate change by 2020.