Canada and the UK are planning the first carbon trades deal

Arctic sea ice is one of the most visible indicators of our changing climate /U.S. NATIONAL SNOW AND ICE DATA CENTER

Bloomberg reports that “Canada and the UK are among six countries preparing the first carbon trades under the landmark Paris Agreement on climate change, part of an effort to unlock as much as $4 billion for the fight against global warming”.

The report adds that “the nations are assessing projects to cut greenhouse gases in exchange for emission credits that can be used to comply with goals they set under the United Nations pact sealed in 2015, according to the World Bank Group, which is overseeing the program.”

“We are now in the selection process of programs to be endorsed,” the World Bank said in a response to questions.

The other countries contributing money to the bank’s $200m Transformative Carbon Asset Facility are Germany, Norway, Sweden, and Switzerland.

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