China Hopeful Of Cop-26 Deal On Carbon Markets

China's top climate negotiator said on Tuesday a broad deal on carbon markets was possible at the UN Cop26 climate talks despite the tensions between Beijing and Washington.

It is the first global gathering of leaders to discuss climate change since former President Donald Trump, who quit the 2015 Paris Agreement the meeting is expected to build on, left office.

"China-US joint efforts resulted in the Paris Agreement ... it was hard-fought, you can't just give up, but the US gave up," climate negotiator Xie Zhenhua told reporters at the Glasgow talks.

"Five years were wasted, but now we need to work harder and catch up."

Xie said he expected countries to reach a deal in Glasgow to agree on the rules around carbon market that fall under Article 6 of the Paris Agreement.

That goal that has eluded negotiators since 2015, holding up the establishment of a global carbon market that could yield huge investments in projects to combat climate change.

Xie criticised rich nations for failing to make good on a pledge to mobilise US$100 billion by 2020 in annual climate financing for developing countries.

President Xi Jinping, who is not attending the UN meeting in person, delivered a written statement for Monday's opening event, featuring speeches by government leaders.

Beijing said on Tuesday that Xi sent the statement after not being given the chance to make a video address to the delegates.

A UK government spokesperson said Britain wanted people to attend Cop26 in person, and that leaders could not join virtually but could offer recorded addresses or statements. (Reuters)