("People's Daily (Overseas Edition)" 2026-05-20)
Recently, as the initiators of the "Declaration on the Alliance for Opening up the Carbon Emissions Trading Market" issued during the 30th United Nations Climate Change Conference (COP30), China, Brazil, and the European Union co-hosted the first high-level meeting of the Alliance for Opening up the Carbon Emissions Trading Market in Florence, Italy. They signed the alliance's work outline and agreed that Germany and New Zealand would join the alliance, marking the alliance's move from the initiative stage to the substantive construction stage.
Interview with this newspaperDong Xiucheng, Executive Dean of the China International Carbon Neutral Economic Research Institute, w88 casino, Sun Yongping, a professor at the w88 casino of Economics at Huazhong University of Science and Technology, and Weng Yuyan, an associate researcher at the Institute of Energy and Environmental Economics at Tsinghua University, interpreted the background of the establishment of the alliance and its positive impact.
The carbon market is at the core of global climate policy
Currently, there are 41 carbon emission trading systems in operation around the world, and 16 systems are in different stages of development or research; the carbon market, as a low-cost, high-efficiency carbon emission reduction policy tool, is adopted by more and more countries
[Observation]
The "2026 Global Carbon Emissions Trading System Report" released by the International Carbon Action Partnership in April pointed out that the global carbon emissions trading market continues to expand and accelerate towards maturity, and is now at the core of global climate policy. As of now, there are 41 carbon emissions trading systems in operation around the world, covering 26% of global greenhouse gas emissions. In addition, there are 16 systems in various stages of development or research.
【Comments】
Sun Yongping: The development of the global carbon market presents three trends worthy of attention: First, the carbon market, as a low-cost, high-efficiency carbon emission reduction policy tool, has been adopted by more than 40 countries and has entered the implementation stage, and more and more countries have planned or considered implementing carbon pricing; second, the Paris Agreement Credit Mechanism (PACM) has completed the issuance of carbon credits for the first time in history, and more and more countries have clearly expressed their interest in using PACM to achieve their national independence. The contribution target marks that the new generation of global compliance carbon credit system has officially entered the stage of actual operation from institutional design; third, the carbon border adjustment mechanism has become a hot topic, and has caused the spillover effect of the carbon pricing mechanism on a global scale, thus having a profound impact on the international w88 pattern; fourth, there are increasing calls for multilateral institutions to implement a global unified carbon pricing system to maximize the positive cross-border spillover effects of emission reduction policies, limit negative cross-border effects, and avoid the fragmentation of global w88.
At the same time, the multilateral mechanism of global climate governance has been under certain impact in recent years. The existing carbon markets around the world are inconsistent in institutional design, trading systems, etc., causing enterprises to face double pressure to fulfill their obligations.
Dong Xiucheng:Currently, the development of the global carbon market is uneven and fragmented. The carbon pricing mechanisms of various countries have different rules and standards, regional markets are independent of each other, and cross-border carbon trading barriers are prominent, making it difficult to form a unified and efficient global carbon market.
The establishment of the Alliance for Opening the Carbon Emissions Trading Market is one of the important measures to undertake and implement the COP30 consensus held in Brazil last year. The main responsibilities of the alliance are to coordinate carbon market rules among countries, unify accounting standards, promote mutual recognition of cross-border carbon credits, build a platform for policy dialogue, share experience in carbon market construction, standardize the international carbon trading order, and solve the problem of market fragmentation.
Weng Yuyan: In 2005, the EU Carbon Emissions Trading System, the world's first carbon emissions trading market, was launched, kicking off the practice of the global carbon market. At present, the global carbon market is in a stage of accelerating expansion and deepening development, and more and more countries, including emerging market countries, have begun to operate or plan to prepare carbon markets.
The Carbon Emissions Trading Market Open Alliance regards carbon emission monitoring reporting and verification systems, carbon accounting methods, high-integrity offset mechanism usage rules, etc. as key areas of cooperation, which corresponds to the core link of the construction and operation of the carbon market. It will not only build a high-level experience sharing and technology exchange platform, but also promote dialogue, interaction and standard docking between different carbon markets, and establish a basis for mutual trust for the long-term coordinated development of the global carbon market.
Promote global carbon pricing cooperation to be more systematic and inclusive
The Carbon Emissions Trading Market Open Alliance will promote the docking of carbon price mechanisms in various countries, reduce rule conflicts, reduce cross-border transaction costs, and build a more fair and transparent global carbon pricing system
[Observation]
The first high-level meeting of the Alliance for Opening up the Carbon Emissions Trading Market believed that the carbon emissions trading market is an important market mechanism to promote green and low-carbon transformation and respond to climate change. The alliance will strengthen policy communication, experience exchange and capacity building among members, and improve the effectiveness of the carbon emissions trading market.
Bloomberg reported that the alliance aims to further coordinate carbon pricing practices around the world. It will not only work to improve the transparency of emissions measurement and reporting, but also assist countries in accessing the carbon credit market regulated by the United Nations.
[Comments]
Dong Xiucheng:The Carbon Emissions Trading Market Open Alliance was officially launched, which has multiple positive significance:
First, it will promote the docking of carbon price mechanisms in various countries, reduce rule conflicts, reduce cross-border transaction costs, and build a more fair and transparent global carbon pricing system.
The second is to help realize the internationalization of the carbon market and form transnational carbon trading, thereby strengthening the coordination of emission reduction responsibilities among countries and promoting the implementation of nationally determined contributions.
The third is to use market-oriented means to promote countries to accelerate the pace of carbon reduction transformation, guide the international flow of green capital, use economic means to help the world achieve the temperature control goals set by the "Paris Agreement", gather the world's multilateral emission reduction efforts, and ultimately achieve the goal of carbon neutrality.
Weng Yuyan: In the context of differences in carbon market designs around the world, and developed and developing countries at different stages of development, the Carbon Emissions Trading Market Open Alliance uses the principles of openness, inclusiveness, and voluntariness to promote dialogue and cooperation among members around the core aspects of carbon market construction, which will help to form a common language on carbon market construction on a global scale, thereby improving the coordination, systematicness, and inclusiveness of global carbon pricing cooperation.
While focusing on the compliance carbon market, the alliance will also involve a wider range of carbon pricing mechanisms. The Alliance will promote the effective implementation of Article 6 of the Paris Agreement by promoting coordination among members in carbon emission accounting and high-quality carbon credit standards. In addition, China, Brazil, and the European Union, as major economies in different regions, jointly promote carbon market cooperation, which also releases a positive signal and determination to the international community to adhere to multilateralism and jointly respond to climate change, and provides a new cooperation paradigm for global climate governance.
Sun Yongping: By establishing a broader and larger carbon market cooperation network, the Carbon Emissions Trading Market Open Alliance will reflect two core values: First, expand the scale of the carbon market, incorporate more carbon emissions into the management and control system, and promote global carbon emission reductions to be more effective and certain; second, Form a more effective carbon price signal, improve the level and effectiveness of carbon pricing cooperation, help companies find investment opportunities globally, promote more efficient flow of resources, and then drive green technology research and development and innovation, providing endogenous motivation to solve the emission reduction gap, financial gap and technology gap currently faced by global climate governance.
Further improve the influence and representativeness of the alliance
The Carbon Emissions Trading Market Open Alliance is one of the important institutional developments in the global carbon market after COP30, which means that the global carbon market is entering the "institutional interconnection" stage
[Observation]
The industry believes that the Carbon Emissions Trading Market Open Alliance is one of the important institutional developments in the global carbon market after COP30, which means that the global carbon market is entering the "institutional interconnection" stage. In the future, the focus of the international market will shift from a single emission reduction project to the compatibility and mutual recognition of rules between carbon markets in different countries.
According to information disclosed by the European Commission, important work for the next phase of the Alliance includes establishing a secretariat and formulating a detailed work plan. Currently, New Zealand and Germany have taken the lead in joining the alliance, and it is expected that more countries will join in the future.
[Comments]
Dong Xiucheng:The Carbon Emissions Trading Market Open Alliance will attract more new members to join. What needs to be noted is that each member has differences in carbon reduction foundations, economic development stages, resource endowments, etc., which may bring certain challenges to the operation of the alliance. In order to deepen international cooperation in the carbon market, the international community still needs to make multiple efforts: first, to improve unified carbon accounting, carbon credit certification and trading rules; second, to strengthen technical and financial support from developed countries to developing countries, and narrow the development gap between North and South carbon markets; third, to expand multilateral dialogue channels, attract more countries to participate in alliance building, and improve the global carbon trading regulatory system.
Sun Yongping: In the future, the Carbon Emissions Trading Market Opening Alliance can speed up the implementation of relevant work from the following aspects: First, establish a technical working group to establish an institutional framework on technical issues such as institutional coordination, transaction system connection, and methodology development; second, formulate a work plan to set the future Cooperation areas, division of responsibilities and timetables within a period of time ensure the orderly advancement of alliance construction; the third is to expand the scope of members and improve the influence and representativeness of the alliance; the fourth is to establish a capacity improvement cooperation fund or a system construction cooperation fund to help each member achieve substantial improvements in capacity building and system construction.
Weng Yuyan: To promote international cooperation in the carbon market, there are several aspects worth focusing on:
First, strengthen the docking of rules and mutual recognition of standards at the technical level. This is the technical basis for establishing carbon market interconnection.
Secondly, strengthen capacity building in developing countries. Currently, more and more developing countries are building carbon markets, but they generally face difficulties such as insufficient technical capabilities and lack of institutional experience. The international community can help developing countries establish high-quality carbon markets faster and more effectively through technical assistance, personnel training, case sharing, etc.
Third, promote the coordinated integration of the carbon market with broader climate policies. As an important policy tool to accelerate the comprehensive green transformation of economic and social development, the carbon market needs to coordinate with the industrial policies and energy policies of various countries to form a synergy for emission reduction and achieve greater effectiveness.
Provide Chinese experience for the construction of carbon markets in more countries
China’s rich practical experience in carbon market design, construction, operation and development provides reference for other developing countries on how to balance development and emission reduction, and how to use the carbon market to promote the progress of low-carbon technologies
[Observation]
In September 2025, China announced a new round of nationally determined contribution goals at the United Nations Climate Change Summit: by 2035, China’s economy-wide net greenhouse gas emissions will fall by 7% to 10% from the peak, and strive to do better. This is the first time that China has proposed an absolute emission reduction target that covers the entire economy and includes all greenhouse gases.
China stated at the first high-level meeting of the Alliance for Opening up the Carbon Emissions Trading Market that it will vigorously support the construction of the alliance, promote all parties to deepen carbon market policy dialogue, strengthen joint research and capacity building, and make new contributions to global climate governance.
【Comments】
Dong Xiucheng:China has always been an important participant and promoter in the construction of the global carbon market. At present, China has built the world's largest carbon emissions trading market. China's active participation in launching the Alliance for Opening up the Carbon Emissions Trading Market shows that China attaches great importance to addressing global climate change, unswervingly promotes energy transformation, continuously improves carbon control systems and mechanisms, and accelerates the improvement of the carbon market. In the future, China will continue to improve its own carbon market system, export construction experience and technical solutions; strengthen policy docking with other countries, promote cross-border mutual recognition of carbon credits; support the export of green and low-carbon technologies, drive the green transformation of developing countries, fulfill its responsibilities as a major country with practical actions, and promote the stability and long-term progress of global climate governance.
Weng Yuyan: In July 2021, the national carbon emissions trading market launched online trading. Currently, its coverage has expanded to about 3,500 key emission units in four industries: power generation, steel, cement, and aluminum smelting, covering about 8 billion tons of carbon emissions. In January 2024, the national greenhouse gas voluntary emission reduction trading market was officially launched. So far, China has established a national carbon market system consisting of a mandatory carbon market and a voluntary carbon market. Both have their own focuses, operate independently, and complement each other. China's rich practical experience in the design, construction, operation and development of the carbon market has provided reference for other developing countries on how to balance development and emission reduction, how to use the carbon market to promote the progress of low-carbon technologies, and how to generate new drivers of economic growth.
Sun Yongping: China has accumulated rich experience in carbon market quota allocation, contract performance management and system construction since it launched the pilot work of local carbon emissions trading markets in Beijing, Tianjin and other places in 2011 and launched the national carbon market online in 2021. In the future, based on the Alliance for Opening the Carbon Emissions Trading Market, China can, on the one hand, share its experience in carbon market construction, and on the other hand, it can incorporate carbon market cooperation into the South-South cooperation framework, rely on the South-South climate cooperation mechanism, etc. to provide support for the institutional construction and capacity building of the carbon market in developing countries, and promote the construction of a more fair and reasonable international carbon pricing system on behalf of the global South.
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