At the 2023 UN Climate Change Conference (COP28) in Dubai, the Global Carbon Pricing Challenge (GCPC) marked an important step forward in international cooperation on carbon pricing. Convened by Canada, the high-level event brought together governments, organizations, and climate leaders committed to expanding the use of carbon pricing as a key tool for reducing greenhouse gas emissions.
Originally launched by Canada at COP26, the GCPC seeks to increase the global coverage of carbon pricing systems to 60% of global emissions by 2030. During COP28, Canada welcomed new partners and emphasized the growing international momentum behind carbon pricing initiatives. According to the World Bank, 73 carbon pricing systems are currently operating worldwide, covering around 23% of global emissions.
Discussions at the event highlighted how carbon pricing can create market signals that encourage cleaner technologies, reduce emissions cost-effectively, and generate revenues to support climate action and social measures. Participants also stressed the importance of international cooperation, knowledge-sharing, and technical support, particularly for developing countries seeking to establish or strengthen carbon pricing systems.
A major announcement at COP28 was the establishment of the GCPC Secretariat, supported by Adelphi Research and the International Emissions Trading Association (IETA). The Secretariat will help facilitate technical exchanges, foster dialogue among partners, and support the expansion of carbon pricing globally.
The original Canada government page can be found here:
Government of Canada – At COP28, momentum increases for the Global Carbon Pricing Challenge