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France seeks to form coalition of ambition, carbon price

French President Francois Hollande (R) embraces French Foreign Affairs Minister Laurent Fabius, President-designate of COP21 during the Climate Change, at the final plenary session at the World Climate Change Conference 2015 (COP21) at Le Bourget, near Paris, France, December 12, 2015. REUTERS/Stephane Mahe

PARIS (Reuters) - France will revise its domestic goals for cutting greenhouse gases by 2020 and will seek to build a coalition of nations striving for a global carbon price to accelerate a shift towards greener energy, French President Hollande said on Saturday.

He was speaking just after the sealing of a global accord to limit global warming, which the French leaders of the deal said sacrificed some ambition in order to get a universal deal.

Hollande, whose presidential term ends in 2017, said he engaged on behalf of France to revise the nation’s greenhouse gas goals by 2020 at the latest and to review the amount of money it is giving to help the poorest nations adapt to climate change.

He said he would also seek to work with other nations seeking to lead the fight against global warming.

“I engage with other countries if they want to join us to establish a coalition for a carbon price so that investment can be redirected,” Hollande told delegates in Paris.

A binding text, agreed by nearly 200 nations, contains loose language on “internationally transferred mitigation outcomes,” which could enable countries to offset their own emissions by buying emissions credits from other nations.

A political, non-legal part of the Paris Agreement recognises the importance of “carbon pricing”, but does not require nations to seek to develop it.

Reporting by Barbara Lewis and Alister Doyle