Open Coalition on Compliance Carbon MarketsWe,Heads of State and Governments,supporting the establishment of the OpenCoalition on Compliance Carbon Markets,Recognizing the increasing global relevance of compliance carbon markets andcarbon pricing mechanisms and noting that these instruments have proven effective indriving decarbonization and supporting countries in advancing their climate action goals;Underlining the important role of carbon markets as one of the drivers of climateaction,contributing to cost-effective emissions reduction and removal;Noting that compliance carbon markets in more countries and regions mark animportant step forward in expanding coverage and ensuring more equitable participationin global climate efforts.Recognizing that some Parties choose to pursue voluntary cooperation in theimplementation of their Nationally Determined Contributions to allow for higherambition in their mitigation and adaptation actions and to promote sustainabledevelopment and environmental integrity.Confirm our intention to work collaboratively and expeditiously to pursue thefollowing:We affirm our commitment to work towards the establishment of the OpenCoalition for Compliance Carbon Markets,a collaborative initiative for exchangeon carbon pricing mechanisms,Monitoring,Reporting and Verification systems,carbon accounting methodologies,and rules on the potential use of high integrityoffsets etc.,when applicable.The Open Coalition aims to implement ambition,effectiveness and fairness ofcompliance carbon markets as an important policy tool for achieving NationallyDetermined Contributions under the Paris Agreement,while upholdingenvironmental integrity and enabling just transitions.The Open Coalition will focus on climate action and enable progress by providinga framework in which members would advance possibilities of coordination ondevelopment and enhancement of compliance carbon markets to reflect ParisAgreement climate goals and accelerate implementation,taking into account theirdifferent national circumstances and approaches.The Open Coalition can serve as a platform for countries to share experiences andlearn from each other regarding the development of their compliance carbon