The EU and Australia have agreed to link their carbon markets in a move that both sides hope will lay the foundation for a global trading system to reduce greenhouse gas emissions.
Brussels is trying to accelerate that process by opening talks about possible collaboration with South Korea, China and the state of California, where carbon markets are in various states of development.
The Australia link sparked a shortlived rally in EU carbon permits, with prices jumping nearly 4 per cent as some traders anticipated fresh demand. Those gains subsequently evaporated. Each permit gives factories, airlines and other holders the right to emit a tonne of carbon each year without penalty.
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