UN climate talks end with no deal on carbon markets

After two weeks of negotiations in Madrid on tackling global warming, Carbon markets, which economists consider key in providing incentives for the world to move toward-low carbon growth models, remained one of the thorniest issues, and one that was set to be left for next year's discussions in Glasgow.

Madrid: Marathon international climate talks closed on Sunday with negotiators postponing until next year a key decision on global carbon markets.

After two weeks of negotiations on tackling global warming, delegates from almost 200 nations passed declarations calling for greater ambition in cutting planet-heating greenhouse gases and in helping poor countries suffering the effects of climate change. But despite holding the longest climate talks ever in 25 nearly annual editions they left one of the thorniest issues for the next summit in Glasgow, in a year's time.

The best and worst countries for climate change policy.

Environmental groups and activists accused the world's richer countries of showing little commitment to seriously tackling climate change.

Setting a price on emissions of carbon dioxide, the main greenhouse gas, the markets allow countries or companies to trade emissions permits that can be steadily reduced - encouraging the uptake of low-emission technologies.

Where CO2 Emissions are the highest and lowest.

Countries from Europe and elsewhere had said that no deal on how to govern the exchange of carbon credits was better than a weak one that could undermine a dozen or so existing regional carbon mechanisms.

Earlier in the day, climate talks edged to a close Sunday with delegates calling for greater ambition in cutting planet-heating greenhouse gases and in helping poor countries who are suffering the effects of climate change.

Activists protest outside of the COP25 climate talks Congress in Madrid, Spain, on Saturday.

But after two weeks of negotiations on tackling global warming, the future of global carbon markets remained a looming question. Strong, last-minute disagreements on the topic had made it likely that the decision would be postponed until next year.

From left to right: activists of Oxfam International depicting Britain's Prime Minister Boris Johnson, German Chancellor Angela Merkel, French President Emmanuel Macron, Canadian Prime Minister Justin Trudeau and US President Donald Trump stage a stunt highlighting global warming and the rise of sea levels at the COP25 summit in Madrid, on Tuesday.

This year's meeting broke the record for the longest climate talks ever in 25 nearly annual editions. After more than 40 hours of overtime, sleep-deprived delegates began holding a closing plenary Sunday morning in the Spanish capital of Madrid.