ANTALYA, Türkiye / AfricaWire.IO / – China, Türkiye and Ethiopia launched a joint initiative on Wednesday at the COP31 United Nations climate conference to improve international carbon credit trading. The plan aims to increase the supply of reliable credits and strengthen cooperation between participating countries. It was unveiled at the China Pavilion in Antalya at a ceremony attended by officials and representatives of the United Nations and the World Bank. Türkiye is hosting COP31, while Ethiopia will host COP32 in 2027.
The initiative proposes a framework for governments and market participants to coordinate policies, exchange information and develop carbon trading systems. It encourages governments and intergovernmental organizations to strengthen oversight of carbon credit programs and improve standards for the credits issued. It also seeks closer cooperation among trading systems and greater participation in projects that generate credits. Responsible purchases of credits and cooperation on market infrastructure are also encouraged.
Li Gao, China’s vice minister of ecology and environment, said the initiative is guided by fairness, inclusiveness and voluntary participation. He described it as a fully open global endeavor. “We welcome governments, international organizations and relevant institutions to join us in delivering a new global public good for climate action,” Li said. He said the measures could help carbon credits contribute more effectively to climate efforts and the shift to lower-carbon economies.
Voluntary and non-binding framework
Participation is voluntary, and the arrangement carries no legal obligations. Countries that join will not be required to recognize one another’s carbon credits or connect their trading platforms or registries. They also do not have to exchange data or provide funding. The agreement does not automatically permit international transfers of carbon credits under Article 6 of the Paris Agreement, which sets rules for cooperation through carbon markets.
Beyond trading standards, the initiative provides for joint projects, technical assistance and policy discussions. Fatma Varank, Türkiye’s deputy minister of environment, urbanization and climate change, said it would give emerging economies a platform to deepen South-South cooperation. Selam Kidane Abebe, chief strategist for Ethiopia’s COP32 Presidency, said Ethiopia was pleased to co-sponsor the initiative. Cristina Reis, a carbon markets official at Brazil’s Ministry of Finance, also welcomed the launch.
Climate talks run to November 20
COP31, formally the 31st session of the Conference of the Parties to the UN Framework Convention on Climate Change, opened in Antalya on Monday, November 9. The talks continue through November 20. Countries face pressure to cut emissions faster as extreme weather intensifies, including drought linked to global warming in Europe. Carbon markets are seen as one tool to channel finance into emission reductions.
China has been expanding its own carbon markets. Its national voluntary crediting scheme, known as CCER, restarted in January 2024 after new registrations were paused in 2017. On the same day as the launch, the China Beijing Green Exchange signed a cooperation agreement with the International Emissions Trading Association, CarbonCredits.com reported. Development lenders are also backing the energy transition, with the European Investment Bank approving funding for grids and nuclear power.