ANTALYA, Türkiye, Nov. 11 (Xinhua) -- China, Türkiye and Ethiopia on Wednesday jointly launched an initiative to enhance international cooperation on carbon crediting markets at the 31st United Nations Climate Change Conference (COP31) in the Turkish coastal city of Antalya.
The initiative was unveiled at the COP31 China Pavilion in a ceremony attended by government officials and representatives of international organizations, including the United Nations and the World Bank.
At the event, Li Gao, China's vice minister of ecology and environment, said the initiative, guided by the principles of fairness, inclusiveness and voluntary participation, is a fully open global endeavor aimed at promoting the high-quality development and long-term stability of international carbon crediting markets.
"We welcome governments, international organizations and relevant institutions to join us in delivering a new global public good for climate action," Li said.
Carbon crediting mechanisms play an important role in optimizing the allocation of mitigation resources, channeling climate finance and unlocking new drivers of green development, the three countries noted in the initiative's document.
The initiative calls on governments and relevant intergovernmental bodies to improve governance systems for high-integrity carbon credits. It encourages cooperation among carbon crediting mechanisms and market participants to promote a high-integrity supply of carbon credits, according to the document.
It further calls for the responsible use of carbon credits to generate effective market demand, and urges all parties to enhance international cooperation, information sharing on carbon credits and the interconnectivity of market infrastructure.
Fatma Varank, Turkish deputy minister of environment, urbanization and climate change, told Xinhua that the initiative would provide a platform for emerging economies to strengthen cooperation through South-South collaboration.
Noting that developing countries often face financial and technical constraints in establishing and operating carbon markets, Varank said, "When collaborations are established directly among developing countries facing these real-world hurdles, it becomes truly invaluable."
Selam Kidane Abebe, chief strategist for Ethiopia's COP32 Presidency, thanked the Chinese government for proposing the initiative and bringing the participating countries together.
Abebe said Ethiopia was pleased to join China and other partners in co-sponsoring and launching the initiative, describing it as an important platform for strengthening international cooperation on climate solutions.
Also at the event, Cristina Reis, extraordinary secretary of carbon markets at Brazil's Ministry of Finance, told Xinhua that effective carbon pricing mechanisms are essential to preventing global temperatures from rising to dangerous levels.
Welcoming the initiative, Reis said that bridging voluntary and compliance carbon markets is essential to driving corporate emissions reductions and fostering synergies in climate action.
COP31, which opened on Monday and runs through Nov. 20, has brought together representatives from nearly 200 countries and regions. ■
