Brazil, China and the EU launched the Open Coalition on Compliance Carbon Markets (OCCCM) to align how different emissions trading systems measure and verify carbon. The idea is that if countries trust each other's accounting, border tariffs like the EU's CBAM become less necessary. Right now carbon prices vary wildly, about USD 68 per tonne in Europe and Central Asia versus USD 4 in Latin America, so the risk of companies moving emissions to cheaper jurisdictions is real. The coalition has no treaty power and its COP30 declaration contained no concrete numbers. Brazil chairs it, but its own emissions trading system is not expected to start trading until 2030. China and the EU serve as co-chairs, and the US has not endorsed the effort. Over the next two years the test is whether the group can move from sharing experiences to common standards that actually change how carbon is priced and traded across borders.
