EnvironmentalDefenseFund广州碳排放权交易中心GUANGZHOU EMISSIONS EXCHANGEOUTLOOK FOR THE INTERNATIONALIZATIONOF CHINA'S VOLUNTARY GHG EMISSIONREDUCTION PROGRAMTHE STUDY OF VOLUNTARY EMISSION REDUCTIONCOOPERATION ALONG THE BELT AND ROAD INITIATIVE2024.06INTRODUCTIONCarbon emissions from countries and regions along the Belt and Road account for about61%of the global total carbon emissions,representing enormous significance to the globalcarbon reduction efforts.China has established solid cooperation with countries involved inthe Belt and Road Initiative (BRI)in addressing climate change.Advancing the BRI carbonemission reduction collaborations is a positive endeavor to further implement the Paris Agreement and promote global climate governance.Under the international landscape for carbon emission reduction cooperation,voluntaryemission reduction cooperation will serve as an entry point for carbon emission reductioncooperation between China and the BRI countries.In 2012,China launched the VoluntaryGHG Emission Reduction Program'(CCER program)and has since accumulated substantialexperience in the establishment and operation of the voluntary carbon market,and the devel-opment and trading of voluntary emission reductions.This experience can inform coopera-tion on carbon emission reductions in the form of voluntary emission reductions along theBRI.Meanwhile,the voluntary emission reductions generated by the BRI countries can takethe CCER program as the market for increasing the supply and demand.This report,set against the backdrop of international cooperation on global climate gover-nance and joint efforts to build a green BRl,systematically reviews the basic landscape ofinternational collaboration in carbon emissions reduction.Drawing upon well-established andmature international models of carbon emission reduction cooperation,the report,startingfrom voluntary emission reductions,proposes a carbon emission reduction cooperationmodel and its implementation pathway centered on voluntary emission reduction coopera-tion under the BRI.The report also analyzes the potential of demand and supply of voluntaryemission reductions under the BRl,identifies the potential challenges and risks associatedwith the BRI's voluntary emission reduction cooperation,and offers targeted recommenda-tions to support both China and the BRI countries in their climate change efforts.The carbon credts generated by China GHG Voluntary Emission Reduction Program(CCER Program