Carbon crediting initiative launched

Résumé détaillé

China, Turkiye and Ethiopia jointly launched an initiative to strengthen international cooperation on high-quality carbon crediting markets on Wednesday during the ongoing 31st…

China, Turkiye and Ethiopia jointly launched an initiative to strengthen international cooperation on high-quality carbon crediting markets on Wednesday during the ongoing 31st session of the Conference of the Parties to the United Nations Framework Convention on Climate Change, or COP31, in Antalya, Turkiye.

The initiative was launched at a high-level event held at the China Pavilion of COP31, which opened on Monday and runs through Nov 20. While Turkiye is hosting this year's conference, Ethiopia will host COP32 in its capital city, Addis Ababa, in 2027.

Addressing the launch, Li Gao, China's vice-minister of ecology and environment and head of the Chinese delegation to COP31, said the country is accelerating the development of its national carbon market and has made new progress.

With the gradual implementation of market mechanism rules under Article 6 of the landmark 2015 Paris Agreement, international demand for high-quality carbon credits is continuing to rise, Li said.

Article 6 enables countries to cooperate voluntarily in meeting the emission reduction targets set out in their nationally determined contributions, including through market-based mechanisms.

Li said that stronger cooperation could boost the effective supply of high-quality carbon credits, meet market demand, improve their circulation, and provide stronger support for global climate governance and the green, low-carbon transition.

The initiative calls on governments and relevant intergovernmental organizations to take the lead in improving governance systems for high-integrity carbon credits.

It also urges carbon-crediting mechanisms and market participants to strengthen cooperation, encourages the responsible use of carbon credits, and calls for greater capacity-building, information sharing and connectivity between market infrastructure.

Fatma Varank, Turkiye's deputy minister of environment, urbanization and climate change, welcomed the initiative as a step toward strengthening trust, environmental…

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