CARBON CREDITS

One of the most contentious issues facing the 28th Conference of the Parties (COP28) on climate change last December was a proposal to create a carbon credit trading market under UN sanctions. Such a mechanism would allow nations and industries that make slow progress in reducing their own carbon emissions to pay others for emission-reduction measures, such as improving energy efficiency or protecting forests.

Such trading schemes have already grown into a multi-billion dollar market despite the lack of clear international regulations to define and monitor claimed emission reductions. During weeks of frantic negotiations, some states, including the US, advocated a slightly looser approach to regulations in order to get the system in place quickly. Others, including the European Union, have argued for much stricter regulation given the history of controversial or even counterproductive projects of this kind in the past. In the end, there was no agreement on this topic, which will be reviewed at a later meeting. (David L. Chandler, more at news.mit.edu)