The Brussels Accord

In a marathon session that ran 14 hours past its deadline, delegates from 120 nations have agreed to a global "Carbon Floor"—a minimum price for carbon emissions that applies across borders. This historic agreement aims to prevent "carbon leakage," where companies simply move factories to countries with lax regulations.

"This is the end of the free pass," announced EU Climate Commissioner Lars Hansen. "Pollution has a cost, and starting today, that cost is on the balance sheet."

Economic Shockwaves

The immediate reaction from the markets was mixed. Renewable energy stocks surged 15%, while heavy manufacturing and logistics sectors saw a sell-off. The agreement sets a baseline of $75 per ton of CO2, a figure that is significantly higher than current voluntary markets.

• Shipping: Global freight costs are expected to rise by 3-5% as the maritime industry adjusts.
• Tech: Data centers, massive consumers of electricity, will face new pressure to verify their "green" claims or pay the penalty.

The Enforcement Puzzle

Skeptics point out that the accord lacks a binding enforcement mechanism beyond trade tariffs. If a major economy decides to ignore the floor, the only recourse is a "Carbon Border Adjustment Mechanism" (CBAM)—essentially a tax on imports. This could trigger a trade war under the guise of environmental policy.