After six years and many late nights haggling, a deal has finally been struck on the rules governing global trading in offsets. The details are arcane and complicated but here’s a look at what it means for the planet, companies, and countries.
One of the biggest challenges in the fight against climate change is the cost. Carbon markets can help lower the bill, attract investment in clean innovation in developing countries and accelerate emissions cuts. The agreement in Glasgow set the rules for trading emissions in bilateral deals and in a United Nations-supervised marketplace. By some estimates it could be worth $100 billion.