One of the most contentious issues faced at the 28th Conference of Parties (COP28) on climate change last December was a proposal for a U.N.-sanctioned market for trading carbon credits. Such a mechanism would allow nations and industries making slow progress in reducing their own carbon emissions to pay others to take emissions-reducing measures, such as improving energy efficiency or protecting forests. Such trading systems have already grown to a multibillion-dollar market despite a lack of clear international regulations to define and monitor the claimed emissions reductions. During weeks of…
