China, Brazil, and the European Union have established the Open Coalition on Compliance Carbon Market (OCCCM) to improve international cooperation on emissions trading. The coalition aims to standardize carbon accounting and monitoring, reporting, and verification (MRV) systems to make global carbon markets more effective. Founding members signed the Terms of Reference in Florence, Italy, focusing on high-integrity offsets and policy dialogue. This initiative seeks to bridge the gap between developed and developing nations in the implementation of market-based climate instruments.
