Was COP26 A Good Deal for Brazil?

By Joaquim Levy

Carbon credits for fighting deforestation were left in flux at Glasgow — but they could be key for the climate and Brazil’s economy.

The U.N.’s COP26 climate conference in Glasgow ended on Saturday, without a deadline to phase out coal but with an important agreement on the regulation of carbon markets. For Brazil and Latin America, what’s in the agreement on carbon markets is just as important as what was left out. Setting rules for a global carbon market will allow countries that can reduce their emissions beyond their national determined contributions (NDCs) in 2015’s Paris Agreement to help out countries that can’t afford to reach their own NDCs. Under Article 6, the part of the COP26 agreement that deals...

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