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LONDON (Bloomberg) — The European Commissions stance on United Nations emission trading may hamper negotiation of an international climate agreement because it threatens developing nations, according to a traders lobby group.
The phasing out of the UNs project-based Clean Development Mechanism proposed by the commission, regulator of the worlds biggest carbon market, would cut cash flowing to poorer nations from industrialized countries, the International Emissions Trading Association said on Tuesday in an e-mailed statement.
Polluters in developed countries have UN-regulated limits for carbon dioxide and other greenhouse gases, enforceable under the 1997 Kyoto Protocol through 2012. They may trim output domestically or, if cheaper, offset their emissions by buying credits from carbon-reduction projects in poorer nations. The Clean Development Mechanism, or CDM, manages this process.
The EU wants to phase out the CDM for
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