Economy

Carbon market deal may save the legacy of COP26

By David Callaway, Callaway Climate Insights

. . . . In the stinging aftermath of the international failure in Glasgow to agree on moving the world away from coal or paying to help poorer countries fight the ravages of climate change, it’s difficult to attribute any success whatsoever to the United Nations COP26 summit, which just ended.

But a late-session agreement among negotiators to approve rules for a global carbon market, while technical and, well, boring in comparison to the fight to save Barbados, will have long-lasting benefits that could ultimately allow climate historians to look back more favorably on the summit.

Among the many goals of the summit that were not reached, the agreement on the carbon market — Article 6 of the Paris Agreement in 2015 — stands out as rare success in countries compromising to overcome disagreements on payments. . . .

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