France seeks to form coalition of ambition, carbon price

France seeks to form coalition of ambition, carbon price

PARIS (Reuters) – France will revise its domestic goals for cutting greenhouse gases by 2020 & will seek to build a coalition of nations striving for a global carbon price to accelerate a shift towards greener energy, French President Hollande said on Saturday.

He was speaking just after the sealing of a global accord to limit global warming, which the French leaders of the deal said sacrificed some ambition in order to obtain a universal deal.

Hollande, whose presidential term ends in 2017, said he engaged on behalf of France to revise the nation's greenhouse gas goals by 2020 at the latest & to review the amount of money it is giving to assist the poorest nations adapt to climate change.

He said he would moreover seek to work with other nations seeking to lead the fight against global warming.

"I engage with other countries if they want to join us to establish a coalition for a carbon price so that investment can be redirected," Hollande told delegates in Paris.

A binding text, agreed by nearly 200 nations, contains loose language on "internationally transferred mitigation outcomes," which could enable countries to offset their own emissions by buying emissions credits from other nations.

A political, non-legal part of the Paris Agreement recognises the importance of "carbon pricing", yet does not require nations to seek to develop it.

(Reporting by Barbara Lewis & Alister Doyle)

Source: “Reuters”