BRICS nations are pursuing a collaborative path to carbon markets through the establishment of an Open Carbon Markets Partnership. The aim is to harmonize how climate projects are verified and how their results are confirmed, according to Deputy Minister of Economic Development of the Russian Federation Vladimir Ilyichev, who spoke during a session at SPIEF, as reported by the ministry’s press service.
Speaking about the initiative, Ilyichev noted that the partnership would align member states on the approval and verification processes of climate project outcomes and would also create a framework for trading carbon units among participants. He described the project as a catalyst for greater alignment in carbon market rules and for expanding cross-border trading opportunities among BRICS members.
Additionally, the deputy minister mentioned that BRICS partners would present the results of their ongoing study at the upcoming ministerial meeting on climate and sustainable development scheduled for the summer. Russia has also established a new contact group focused on this topic within the BRICS presidency to advance discussions and share insights with partner countries.
Earlier at SPIEF, a protocol of intent was signed between Rosaccreditation and the Global Carbon Council. The agreement covers recognition of the accreditation procedures of Russian institutions for the verification and validation of greenhouse gas emissions, signaling a move toward broader international cooperation in carbon accounting.
“This marks a significant step in strengthening cooperation with foreign countries in the carbon market arena”, Ilyichev commented, underscoring the strategic value of mutual recognition and shared standards for credible carbon accounting.
Further, Ilyichev stated that Russia is updating its regulatory framework to grant foreign users access to national carbon unit records. BRICS partners are concurrently developing requirements for publishing data on climate projects to enhance market transparency and investor confidence across borders.
Recent announcements indicate growing global interest in BRICS collaboration, alongside other regional blocs like the SCO and EAEU, with more countries signaling intent to join in the near term. The conversation around carbon markets remains a focal point for multilateral cooperation as nations seek to align policies, reduce emissions, and create robust markets that can channel private capital into verifiable climate action. [Source: BRICS summit communications and press releases]
Observers note that a unified approach to verification and reporting will help minimize fragmentation and provide clearer signals to market participants. If successful, the proposed partnership could pave the way for standardized benchmarks, common data transparency practices, and more predictable trading rules—benefits that extend beyond BRICS to other regions looking to participate in open carbon markets. [Attribution: SPIEF session coverage]