U.N. Talks To Delay CO2 Market Deal For Forests: EU
The European Union wants to delay a deal to use carbon markets to reward countries which protect their tropical forests, beyond U.N. climate talks in Cancun, said EU climate commissioner Connie Hedegaard.
The aim of a U.N. deal on tropical forests is to pay countries which preserve their trees, and so cut carbon emissions, also called reduced emissions from deforestation and degradation (REDD).
The EU thought it was too early to pay countries by giving them tradable carbon offsets, which they could then sell to rich countries to help them meet their carbon emissions caps.
"The risk is if you do it in the wrong way that you risk undermining the whole carbon market," Hedegaard told reporters at the November29-December 10 talks in the Mexican beach resort.
"We hope that we can have an overall political understanding on REDD ... here from Cancun."
"We think that we should be careful. It might have some impacts on the whole carbon market. We need to be very sure what we're doing. It's one of the things that needs somewhat more details."
(Reporting by Gerard Wynn)