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China, Turkiye, Ethiopia Launch Carbon Credit Initiative
11 Nov
Summary
- Three nations launched an initiative for high-quality carbon credit markets.
- The initiative aims to boost the supply and circulation of quality carbon credits.
- It calls for improved governance and international cooperation in carbon markets.
China, Turkiye, and Ethiopia, hosts of COP31 and COP32 respectively, have initiated a joint effort to bolster international cooperation in high-quality carbon crediting markets. This initiative, launched during COP31, focuses on enhancing the integrity of carbon markets and improving the availability of credible carbon credits.
Vice-minister Li Gao of China emphasized the nation's progress in developing its own carbon market, aligning with global efforts under Article 6 of the Paris Agreement. The initiative encourages governments and organizations to lead in improving carbon credit governance systems.
It also promotes dialogue among market participants and responsible use of carbon credits. The platform established will be voluntary and non-binding, facilitating policy exchange, information sharing, and capacity building without mandating specific market integrations.
