ANTALYA, Türkiye / AfricaWire.IO / – China, Türkiye and Ethiopia have launched an initiative to strengthen global carbon credit markets at the UN climate talks. The plan was announced on Wednesday, November 11, at the China Pavilion during the COP31 conference in Antalya. It seeks to boost the supply of high-integrity credits and deepen cooperation among participating countries. Türkiye is hosting COP31, and Ethiopia will host the next conference, COP32, in 2027.
Under the proposal, governments and market participants would coordinate policies, share information and develop carbon trading systems. Governments and intergovernmental organizations are urged to tighten oversight of carbon credit programs and raise standards for the credits they issue. The initiative also calls for closer links between trading systems and wider participation in projects that generate credits. It encourages responsible buying of credits and cooperation on the infrastructure that markets need.
China’s Vice Minister of Ecology and Environment Li Gao said the measures could help carbon credits contribute more effectively to international climate efforts. He said they could also support the transition toward lower-carbon economies. Li said the initiative follows principles of fairness, inclusiveness and voluntary participation. He described it as a fully open global endeavor. He invited other governments, international organizations and institutions to join what he called a new global public good for climate action.
No legal obligations for members
The arrangement is voluntary and creates no legal obligations. Members will not have to recognize each other’s credits, link their trading platforms or registries, share data or provide funding. The deal also does not automatically allow international transfers of credits under Article 6 of the Paris Agreement, which governs cooperation through carbon markets. Instead, it offers a basis for dialogue, joint projects, technical assistance and policy discussions.
Turkish Deputy Minister of Environment, Urbanization and Climate Change Fatma Varank said the platform would help emerging economies strengthen South-South cooperation. “When collaborations are established directly among developing countries facing these real-world hurdles, it becomes truly invaluable,” she said. Ethiopia’s COP32 Presidency chief strategist Selam Kidane Abebe thanked China for proposing the initiative. Cristina Reis, a carbon markets official at Brazil’s Ministry of Finance, said bridging voluntary and compliance carbon markets is essential. Officials from the United Nations and the World Bank attended the launch.
China expands carbon market ties
On the same day, the China Beijing Green Exchange signed a cooperation agreement with the International Emissions Trading Association. The deal aims to promote dialogue and technical cooperation around China’s voluntary carbon credit scheme, known as CCER, CarbonCredits.com reported. That scheme restarted in January 2024 after new registrations were paused in 2017. The agreement does not automatically make Chinese credits eligible for international trading.
COP31 opened on Monday, November 9, and runs through November 20. The talks come as heat intensifies severe drought across Europe and other regions. Nature loss is also high on the global agenda, with the UN chief warning that a million species are at risk. Delegates in Antalya are expected to address climate finance, emissions targets and carbon market rules.