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Climate Change

Scandal-hit carbon credits need universal standards: experts

Global effort to bring order to $1bn market, free cash to fight climate change

The carbon credit market tripled in size last year, according to research group Ecosystem Marketplace. (Source photos by Reuters and AP) 

TOKYO -- Doubts about the quality of carbon credits are holding back a market that should be central to the fight against climate change, according to a group of experts trying to bring order to a largely unregulated area of finance.

The group, backed by over 250 organizations, from big businesses to banks, on Wednesday proposed an international stamp of approval for trustworthy carbon credits. Companies struggling to cut their own carbon emissions buy credits from ventures whose activities reduce or remove emissions, such as installing solar panels or planting trees.

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