The European Union and Brazil urged other countries to embrace mechanisms that put a price on carbon and develop carbon markets to finance global climate action. Critics argue the decision could undermine domestic climate ambition and jeopardise financing for restoring natural carbon sinks.
The European Union and Brazil launched an appeal calling on other nations to recognise carbon pricing as a pragmatic way to cut emissions and fund the green transition, as world leaders gather at the COP30 United Nations climate summit.

The global bid aims to form a coalition of countries willing to raise funds from carbon pollution and invest them in clean technologies to help cut greenhouse gas (GHG) emissions.

The revenue would help countries to implement their national climate plans and continue working to deliver on the Paris Agreement adopted 10 years ago at COP21.

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