Another seven countries have joined the Open Coalition on Compliance Carbon Markets, according to the UN Cop 30 climate summit's presidency.
The coalition was launched by Brazil, China and the EU during the leaders' summit, held a week before Cop 30. It is an initiative to standardise and integrate different national carbon markets.
Andorra, Guinea, Monaco, New Zealand, Norway, Rwanda and Singapore have now joined the coalition, following Armenia, Canada, Chile, France, Germany, Mexico, the UK and Zambia.
Brazil's ministry of finance is leading the development of the initiative, which will enable countries to work together in defining best practices to monitor, report and verify carbon markets, to establish common accounting standards and ensure the integrity of offset mechanisms, the ministry's deputy executive secretary Rafael Dubeux said.
A regulated carbon market is an essential pathway to achieve a "structured, orderly and equitable" transition away from fossil fuels, he added. The topic has emerged as one of Cop 30's key points.
The EU's energy commissioner Dan Jorgensen also voiced his support for the initiative. "The coalition can establish a benchmark to fully integrate relevant standards into final national targets and the design of domestic carbon markets," he said.
