The UN climate talks in Madrid are at risk of stalling over the question of how to create a global carbon trading market, a highly divisive issue that has splintered the 197 countries that are party to the Paris climate accord.
The COP25 summit taking place in the Spanish capital has been set the task of creating a framework that would allow countries to exchange carbon offsets or pay each other for emission-reducing projects.
The carbon market is the only remaining part of the rule book for the Paris pact — the 2015 deal that aims to limit global warming to well below 2C — that has not yet been finalised, after negotiators failed to resolve the issue at last year’s summit in Poland.
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