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 integrity and international dialogue within carbon markets.
"We also hope that cooperation in carbon markets will translate into tangible investments and measurable emission reductions," she said.
Bereket Fesehatsion, Ethiopia's minister of national strategy, said his country endorsed the initiative, viewing it as a platform for closer international cooperation.
He said the initiative could help carbon credits to contribute meaningfully to the implementation of the Paris Agreement and to low-emission, climate-resilient development, while helping developing countries mobilize support for their climate and sustainable development goals.
The voluntary, legally nonbinding initiative will establish an open and inclusive platform for policy dialogue, information sharing, capacity-building and project cooperation. Participation neither authorizes cross-border transfers under Article 6 nor commits members to linking markets, recognizing credits, or making financial contributions.
Antalya Leaders' Summit
Vice-President Han Zheng attended the Antalya Leaders' Summit, a high-level segment of COP31, as President Xi Jinping's special representative, and delivered a national statement on Wednesday.
Han said that President Xi has pointed out that responding to climate change is the common cause for all humanity, adding that the adverse effects of global climate change are becoming increasingly apparent.
Han put forward four proposals. First, he urged the full and effective implementation of the UNFCCC and the Paris Agreement in accordance with the principle of common but differentiated responsibilities, in order to rally collective action in global climate governance.
Second, he called for the acceleration of the green transition and the promotion of low-carbon development, emphasizing the need for efforts to facilitate the free flow of high-quality green technologies and products, and to promote the transformation and upgrading of economic and industrial structure.
Third, Han sought commitment to mitigation and adaptation and closer cooperation on disaster prevention, monitoring and early warning, and rescue to enhance climate adaptability.
And fourth, he proposed that developed countries should take the lead in reducing emissions and fulfill their climate finance commitments, underscoring that all parties should make sincere efforts to implement their Nationally Determined Contributions and jointly build a clean and beautiful world.
houliqiang@chinadaily.com.cn
