UK wants carbon market in global climate deal

Including a new carbon market to boost action to slash emissions in negotiations heading toward a climate change meeting in Paris next year is critical, a United Kingdom official said.

Amber Rudd, U.K.’s parliamentary under secretary of state for climate change, said that if the United Nations gets behind a market that would give credits to those cutting greenhouse gas emissions, it “would be the most important part of any international agreement,” Bloomberg reports.

{mosads}Carbon markets would likely create incentive for nations to commit to larger emission reduction targets during the coming years because it will offer opportunities for private investment capital, according to a United Nations report, Bloomberg reports.

The comments come as global leaders are preparing to meet in Lima, Peru, next week to begin crafting a draft copy of the international climate accord that countries plan to finalize and sign in Paris at the end of next year.