Carbon pricing is most effective when more countries adopt it-broader coverage means more opportunities to find clean solutions. Through international cooperation, countries can send consistent signals that it cannot be free to pollute.
Today at COP28, the Honourable Steven Guilbeault, Minister of Environment and Climate Change, and Catherine Stewart, Canada's Ambassador for Climate Change, convened a high‑level event with carbon pricing Champions working together to advance the global conversation on carbon pricing. This event follows the Prime Minister's leader-level event on the Global Carbon Pricing Challenge during the United Nations General Assembly in September 2023. Ahead of COP28, Canada welcomed Sweden and the European Union as new Partners of the Global Carbon Pricing Challenge. These jurisdictions follow a growing list of members that have joined since COP27, including the Republic of Korea, Norway, Denmark, and the Côte d'Ivoire as Friends of the Challenge.
At COP28, during the side event "Driving Change: A Ministerial Event on the Global Carbon Pricing Challenge", Minister Guilbeault convened new and existing members of the Challenge together to showcase their progress on the implementation of carbon pricing. Additionally, the event served as a forum for Ministers to share their experiences with carbon pricing systems and provided an opportunity to deepen collaboration to strengthen systems that are emerging globally. Minister Guilbeault and Ambassador Stewart also showcased the independent Secretariat of the Global Carbon Pricing Challenge and revealed the Challenge's new website that highlights how nations globally can raise the bar on their climate ambitions.
The Government of Canada will work in collaboration with two organizations that will form the Global Carbon Pricing Challenge Secretariat. The two organizations-Adelphi Research and the International Emissions Trading Association-have a strong track record in the carbon pricing space and experience establishing multilateral forums for the exchange of ideas and information on carbon-market trading and market climate solutions.
Since the Challenge was launched by Canada at COP26, it has attracted support from countries and organizations around the globe. Despite different perspectives and experiences, these carbon pricing Champions represent a united front in the fight against climate change and a shared determination to build a sustainable future.
Canada encourages more jurisdictions to step up and join the Challenge to help spur momentum to expand carbon pricing as a low-cost, effective way of reducing emissions and driving innovation.
