GLASGOW—Climate negotiators have made progress toward a deal aimed at establishing the foundation of an international carbon-trading system, according to people familiar with those talks, putting within reach a long-stalled agreement that many businesses hope will kick-start a global carbon market.
Brazilian officials, who have made a series of demands blocking a deal in the past, say they are now ready to make big concessions. Chinese officials feel they have smoothed out any formal differences with Washington over the issue, according to a person familiar with the matter. On Wednesday, China’s climate envoy, Xie Zhenhua, said he was hopeful countries could reach a carbon-trading deal during COP26, the United Nations climate summit taking place over the next two weeks here.
