On the second and final day of the Climate Action Summit of world leaders, which precedes COP30, the European Union approved, in Belém (Brazil) on Friday 7 November, the leaders’ declaration on carbon markets, drawn up in collaboration with Brazil, which is chairing the conference.
The aim of this text is to create an Open Coalition for Compliant Carbon Markets, which would be “ambitious, efficient and fair” and would make it possible to “achieve the nationally determined contributions under the Paris Agreement, while guaranteeing environmental integrity and supporting a just transition”, according to a press release from the European Commission.
It will serve as a platform for international cooperation to support countries in this direction.
According to the World Bank, more than 50 countries have 80 carbon pricing instruments, and since its creation in 2005, the EU Emissions Trading System (‘ETS’) has reduced emissions by 50% from the sectors concerned and generated more than €250 billion in auction revenues.
The leaders’ declaration will be opened for approval this Friday at the third thematic session of the leaders’ segment.
See the declaration: https://aeur.eu/f/jcv (Original version in French by Nithya Paquiry)