UN Cop 31 climate conference host Turkey on Wednesday launched a joint initiative with China and next year's Cop 32 host Ethiopia to enhance international co-operation on high-quality carbon crediting markets, with other measures designed to boost carbon market collaboration also in the works at the summit.
The initiative, alluded to by China's ecology and environment vice-minister Li Gao last month, aims to support high-quality credit supply through crediting mechanism and market participant co-operation, and foster responsible use of credits to bolster demand.
It also aims to increase infrastructure connectivity and improve capacity building and information sharing, as well as reinforcing governance via government and intergovernmental organisation leadership.
Turkey is in the process of setting up carbon offsetting system TR KDS, which will list carbon projects or programmes in Turkey not registered with any international crediting mechanism or claim any renewable energy certificate benefits. Ethiopia set out a national carbon market strategy last year, which emphasised its intention to engage with international carbon markets.
And China last month announced that it was accelerating the expansion of its voluntary carbon market, known as the China certified emission reduction (CCER) programme, which relaunched in January 2024 after a six-year suspension.
CCER host platform the China Beijing Green Exchange separately signed an agreement at Cop 31 on Wednesday with emissions trading association Ieta to "advance the development and internationalisation" of the CCER programme, Ieta said.
Ieta and the exchange have committed to collaborating on technical elements, knowledge sharing and promoting "high-integrity carbon market practices", as well as engaging with market participants in and out of China, policy makers and regulators.
And UN Trade and Development (UNCTAD) plans to launch a "global carbon market network" at Cop 31 tomorrow, it said this week, designed to connect existing carbon markets and initiatives — both voluntary and compliance — by convening exchanges, financial institutions and other market participants.
The aim of the network is to "improve transparency, strengthen trust and facilitate cross-border transactions", UNCTAD said.
