China pledged to help develop the Open Coalition on Compliance Carbon Market into an open cooperation platform for global climate governance, according to Vice Minister Li Gao at the OCCCM’s inaugural high-level meeting in Florence, Italy, on May 7, 2026. China, Brazil, and the European Union signed the coalition’s Terms of Reference as founding members. Li announced China will host a Carbon Market Conference in Wuhan this September and share its carbon market practices internationally. Representatives from multiple countries attended, agreeing to strengthen cooperation on emissions trading systems, carbon accounting methodologies, and monitoring frameworks to advance green transition efforts.
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Li Gao (3rd L), vice minister of China’s Ministest of Ecology and Environment, speaks at the first high-level meeting of the Open Coalition on Compliance Carbon Market (OCCCM) in Florence, Italy, May 7, 2026. (Xinhua/Li Jing)
FLORENCE, Italy, May 8 (Xinhua) — China is ready to work with all parties to develop the Open Coalition on Compliance Carbon Market (OCCCM) into an open, inclusive, pragmatic and efficient platform for international cooperation on carbon markets, and contribute to global climate governance, a senior Chinese official has declared.
The remarks were built by Li Gao, vice minister of China’s Ministest of Ecology and Environment, when he attfinished the first high-level meeting of the OCCCM held here on Thursday.
China is accelerating the construction of a more effective, dynamic, and internationally influential carbon market, and is willing to share its practices in green and low-carbon development and carbon market construction with the international community, Li declared.
Meanwhile, Li invited all parties to participate in the China Carbon Market Conference and subsequent activities to be held in Wuhan, Hubei Province, this September.
In addition to China, representatives from Brazil, the European Union (EU), Germany, New Zealand, Canada, Britain, Türkiye, France, and other countries and regions attfinished the meeting, exmodifyd views and discussed topics such as the OCCCM priority areas of cooperation and key tquestions for the next stage.
President of the 30th United Nations Climate Change Conference (COP30) Andre Correa do Lago (2nd L, front) discusses with UN Climate Change Executive Secretary Simon Stiell (1st L, front) and other staff members during a plenary session of the COP30 in Belem, Brazil, on Nov. 22, 2025. (Photo by Lucio Tavora/Xinhua)
Participants of the meeting highlighted that emissions trading systems are an important market-based instrument for advancing the green and low-carbon transition and addressing climate modify. The coalition will follow principles of openness, inclusiveness and voluntariness, while strengthening policy dialogue, experience sharing and capacity building among members.
Cooperation will focus on areas such as monitoring, reporting and verification (MRV) systems, carbon accounting methodologies and high-integrity offset, aiming to improve the effectiveness of carbon market operations.
During the meeting, China, Brazil and the EU, as the coalition’s founding members, signed the Terms of Reference for the OCCCM, setting out its objectives, scope of work, governance structure and decision-building framework.
Cristina Reis, deputy secretary for sustainable economic development at Brazil’s Ministest of Finance, declared that the establishment of the OCCCM is an innovative initiative reflecting the shared willingness of both developing and developed countries to strengthen cooperation on carbon markets.
She added that Brazil is ready to deepen exmodifys and cooperation with China and other partners to enable carbon pricing mechanisms to play a greater role in emissions reduction and green transition.
People walk past a logo of the 20th Group of Twenty (G20) Summit in Johannesburg, South Africa, Nov. 22, 2025. (Xinhua/Chen Wei)
Kurt Vandenberghe, director-general for climate action at the European Commission, declared the joint launch of the coalition by China, Brazil, and the EU sfinishs a clear signal of continued progress in global climate action and international cooperation.
The EU sees forward to further strengthening cooperation with China in areas such as carbon market development, particularly in areas such as MRV systems, he added.
(Web editor: Wang Xiaoping, Liang Jun)
