A new international coalition on carbon pricing has been created.

The Open Coalition on Compliance Carbon Markets is aiming to provide a platform for cooperation on the development and strengthening of domestic carbon markets and carbon pricing policies, its work will focus on key elements such as monitoring, reporting and verification systems, carbon accounting methodologies and the potential use of high integrity offsets to promote environmental integrity.

The signing ceremony took place in Florence, with the participation of the EC’s director-general for climate action Kurt Vandenberghe, the vice minister of ecology and environment of China Li Gao, and the extraordinary secretary for carbon markets in Brazil, Cristina Reis.

With around 80 carbon pricing schemes in place across 50 different countries, the Coalition hopes to create a more transparent system, and it is now open to countries with nationwide compliance carbon markets, such as emissions trading systems or a carbon tax. Subnational authorities operating a carbon pricing scheme can participate as observers.

New Zealand and Germany are the first countries to join as members, with several others expected to follow.

Vandenberghe said: “This is a good day for climate action. Together, we will make emissions trading systems more effective, robust and transparent. Ultimately, our collaboration should reduce greenhouse gas emissions whilst growing, modernising and innovating our economies.”

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