The Declaration promotes carbon pricing and market mechanisms as the main tools for advancing global climate action and providing nationally determined contributions in accordance with the Paris Agreement.
European Commission President Ursula von der Leyen approved the declaration on behalf of the EU, emphasizing cooperation with Brazil and other partners to expand the reach of carbon markets.
Extending carbon pricing coverage
The Open Coalition aims to strengthen the ambition, efficiency and equity of carbon markets as a global policy instrument. It provides a platform for countries to collaborate on carbon pricing, share best practices, and harmonize standards in line with the goals of the Paris Agreement.
According to the World Bank (June 2025), there are 80 carbon pricing instruments in more than 50 countries, accounting for 28 percent of global GHG emissions. The EU ETS, created two decades ago, has reduced emissions by 50 percent in the covered sectors compared to 2005 and generated more than €250 billion in revenue from auctions for projects in the field of renewable energy sources, energy efficiency and environmentally friendly transport.
In April 2024
