Major step toward rules for global carbon market

Editor's note: Earlier this month, China, Brazil and the European Union — founding members of the Open Coalition on Compliance Carbon Markets — held the first high-level meeting of the coalition in Florence, Italy. Dong Xiucheng, executive dean of the institute for international carbon-neutral economy at the University of International Business and Economics, and Weng Yuyan, an associate researcher at the Institute of Energy, Environment and Economy at Tsinghua University, spoke to People's Daily Overseas Edition about the coalition's role in the development of a global carbon market. Below are excerpts of the interviews. The views don't necessarily represent those of China Daily.

Currently, the global carbon markets are characterized by uneven development and fragmentation. Countries have adopted different rules and standards for carbon pricing, and there are substantial barriers to cross-border carbon trading.

The establishment of the Open Coalition on Compliance Carbon Markets marks a significant step in implementing the consensus reached at COP30 in Brazil last year. The coalition aims to harmonize carbon market rules across countries, unify accounting standards, promote cross-border recognition of carbon credits, build a platform for policy discussions, share experiences in carbon market development, regulate international carbon trading and address the issue of market fragmentation.