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️ Driving the news: Ahead of COP30, the European Union and Brazil have launched a joint call urging countries to adopt carbon pricing and market-based tools to cut emissions and finance climate action
• The initiative aims to build a coalition supporting emissions trading and carbon markets as core instruments to meet Paris Agreement goals
• Major economies including China, France, Germany, and the UK have backed the declaration

The context: The EU’s Emissions Trading System (ETS), active since 2005, has cut industrial emissions by 50% and raised over €250 billion in revenue
• Globally, carbon pricing now covers 28% of greenhouse gas emissions across 55 jurisdictions
• By promoting its model internationally, the EU—together with Brazil—is seeking to shape global carbon market rules and expand cooperation under Article 6 of the Paris Agreement

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