Global finance group urges greater use of carbon markets to meet climate goals

 Global finance group urges greater use of carbon markets to meet climate goals

Smoke and steam billow from Belchatow Power Station, Europe’s largest coal-fired power plant, operated by PGE Group, at night near Belchatow, Poland December 5, 2018. REUTERS/Kacper Pempel/File Photo

LONDON, Oct 28 (Reuters) – Countries must increase the use of carbon markets to meet the Paris climate goals of limiting a global rise in temperature to 1.5 degrees Celsius (2.7 Fahrenheit), the Global Financial Markets Association (GFMA) said on Thursday.

Global leaders will gather in Glasgow, Scotland, from Sunday for a United Nations climate summit, when negotiators will seek to set rules on how carbon markets can be used under the Paris accord. read more

Just 20% of global greenhouse gas emissions (GHG) are covered by a regulated price, and the schemes that exist establish prices often too low to effect real change, a report by the GFMA and Boston Consulting Group said.

“Effective carbon pricing in the economy is one of the strongest…

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