Carbon markets back from the brink of collapse, says World Bank

Development of major new markets in China and reforms in Europe have provided a crucial boost as countries look at tools to cut carbon and meet their Paris climate targets

Global carbon markets have been revived from the brink of collapse as, after years in the doldrums, recent developments have provided a much-needed boost, according to a new report from the World Bank.

China has made strong progress on its new carbon markets, which when complete will be the biggest in the world, while the EU initiated reforms of its carbon trading system which have already had an effect on prices.