China, EU Say Carbon Markets Need Not Converge on One Price
COP 31 Global Climate Action • United NationsNovember 14, 2026
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A year after its launch in Belém, the Open Coalition on Compliance Carbon Markets has grown to 11 members and more than 20 observers. At a first-anniversary panel at COP31 on Nov. 14, 2026, leaders from Brazil, China and the European Union said the coalition aims to make carbon markets work together without forcing every country onto the same price or design. Audience members pressed for a bigger seat for African, small-island and vulnerable nations.
- Diversity over uniformity: China and EU officials said members won't be pushed toward one carbon price
- 11 members, 20+ observers after year one; priorities slated for approval in Antalya
- China expanding its trading system to aluminum, steel and cement, with chemicals planned
- EU reports €43B in ETS revenue last year and a 50% emissions cut
- Audience members push for African and small-island inclusion, capacity building and benefit sharing
- China says its separate initiative covers voluntary markets and complements the compliance coalition
The basics: An emissions trading system, or ETS, caps emissions and lets companies trade allowances. Compliance carbon markets are created by law. Voluntary markets are those where buyers offset emissions by choice.
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