Reuters UK- Traders are already betting on a new global climate deal to succeed the Kyoto Protocol, as talks in Bali on Friday inched towards a two-year negotiating agenda for an expanded globalclimate pact.

Financiers are buying rights to emit planet-warming greenhouses gases after present Kyoto commitments expire in 2012, hoping that countries will agree new, tougher emissions limits — and drive demand for such permits.

“It’s a great bet,” said one trader attending the talks on the tropical Indonesian island. The new, more speculative offsets came at a substantial discount, the trader, who declined to be named, added.

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