On September 24, at a sub-forum of the 2025 China Carbon Market Conference, Mr. James George, Deputy Resident Representative of the United Nations Development Programme in China (UNDP) and Ms. Xu Mingyi, General Manager of the Shanghai Environment and Energy Exchange Corporation (hereinafter referred to as "SEEE") signed a Memorandum of Understanding (MoU).

Based on existing carbon markets engagements in China, the two parties will collaborate to facilitate engagement of China’s carbon markets with UNDP’s High Integrity Carbon Markets (HICM) initiative. Both the UNDP and SEEE will also collaborate to explore areas for innovative development of the domestic carbon market, advocate for climate investment and financing mechanisms, and advance the synergistic development of the carbon market mechanism and Nature-based Solutions (NBS).

Since 2021, SEEE has been actively collaborating with UNDP to advance the BIOFIN Shanghai pilot project, undertaking tasks such as the Shanghai Biodiversity Finance Plan (Shanghai BFP) and feasibility analysis for synergies between natural climate solutions and the carbon market. As the cooperation deepens, the two sides will jointly build a demonstration carbon market that integrates high-integrity standards and NBS, contributing insights and lessons learned to contribute to developing nature-positive and innovative models to advance the Sustainable Development Goals and global climate agendas.