On October 29, 2007, leaders of more than 15 governments met in Lisbon, Portugal to launch the establishment of the International Carbon Action Partnership (ICAP). ICAP is made up of countries and regions that have implemented or are actively pursuing the implementation of carbon markets through mandatory cap and trade systems. The partnership provides a forum to share experiences and knowledge. Sharing and evaluating best practices will help ICAP members determine the extent to which their respective programs can be supported by, and or benefit from, the ICAP process.

Climate change is a global problem that requires global solutions. ICAP was formed to contribute to the establishment of a well-functioning global cap and trade carbon market. ICAP provides the opportunity for member countries and regions to share best practices and learn from each other’s experiences. Linking current and emerging carbon markets at a global level establishes a level playing field for covered sectors and a consistent regulatory framework across national borders. Through this sharing, ICAP enhances the design of other market-based schemes by ensuring compatibility of design issues at an early stage. As a result, ICAP provides a forum to ensure capability of existing and emerging programs and enhances the promise for development of future linked carbon markets.

ICAP is an open forum comprised of public authorities and governments that have established or are actively pursuing carbon markets through mandatory cap and trade systems. Membership is open to all public authorities and governments that have established or are actively pursuing carbon markets through mandatory cap and trade systems as one approach for reducing greenhouse gas emissions. ICAP also welcomes observers from other states around the world which are considering introducing cap and trade systems for tackling greenhouse gas emissions. Business and environmental stakeholders have key roles to play as we move forward with ICAP. ICAP intends to establish processes to formally engage all interested stakeholders.