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Review

Comprehensive Overview Assessment on Legal Guarantee System of Wetland Carbon Sink Trading for One Belt and One Road Initiative

by
Jingjing Min
1,
Wanwu Yuan
2,3,4,
Wei He
5,*,
Pingping Luo
2,3,4,*,
Hanming Zhang
2,3,4 and
Yang Zhao
2,3,4
1
Shaanxi Academy of Social Sciences, Xi’an 710065, China
2
Key Laboratory of Subsurface Hydrology and Ecological Effects in Arid Region, Chang’an University, Ministry of Education, Xi’an 710054, China
3
Shaanxi Province Innovation and Introduction Base for Discipline of Urban and Rural Water Security and Rural Revitalization in Arid Areas, Chang’an University, Xi’an 710054, China
4
Xi’an Monitoring, Modelling and Early Warning of Watershed Spatial Hydrology International Science and Technology Cooperation Base, Chang’an University, Xi’an 710054, China
5
School of Law, Xi’an Jiaotong University, 28 Xiannning West Road, Xi’an 710049, China
*
Authors to whom correspondence should be addressed.
Land 2025, 14(8), 1583; https://doi.org/10.3390/land14081583 (registering DOI)
Submission received: 28 May 2025 / Revised: 21 July 2025 / Accepted: 24 July 2025 / Published: 3 August 2025
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Abstract

The countries and regions along the Belt and Road are rich in wetland carbon sink resources, crucial for mitigating greenhouse gas emissions and achieving global emission reduction. This paper uses policy analysis and desk research to analyze the overview of wetland carbon sinks in these countries. It explores the necessity of legal system construction for their carbon sink trading. This study finds that smooth trading requires clear property rights definition rules, efficient market trading entities, definite carbon sink trading price rules, financial support aligned with the Equator Principles, and support from biodiversity-compatible environmental regulatory principles. Currently, there are still obstacles in wetland carbon sink trading in the Belt and Road, such as property rights confirmation, an accounting system, an imperfect market trading mechanism, and the coexistence of multiple trading risks. Therefore, this paper first proposes to clarify the goal of the legal guarantee mechanism. Efforts should focus on promoting a consensus on wetland carbon sink ownership and establishing a unified accounting standard system; simultaneously, the relevant departments should conduct field investigations and monitoring, standardize the market order, and strengthen government financial support and funding guarantees.

1. Introduction

Global climate change has emerged as one of the most severe challenges of the 21st century. The IPCC Sixth Assessment Report warns that exceeding the 1.5 °C temperature rise threshold would trigger irreversible ecological disasters [1]. In this context, the international community urgently needs to advance low-carbon transitions through multilateral cooperation mechanisms. Wetlands, as transitional zones between terrestrial and aquatic ecosystems, role in mitigating climate change through their carbon sink functions. Notably, countries along the “Belt and Road” initiative encompass vast and ecologically critical wetland resources, positioning them as important regions for unlocking global carbon sequestration potential. However, the legal safeguards for wetland carbon sinks face fragmentation challenges. Achieving the marketization and legalization of wetland carbon sink trading through international regulatory coordination has become a core issue in global climate governance.
Current research focuses predominantly on forest carbon sinks, despite wetlands’ vital role in global carbon cycles. Wetlands store approximately 550 Pg of carbon in their soils, representing 20–30% of terrestrial carbon storage [2]. In the existing research related to wetlands, international studies primarily focus on blue carbon in coastal wetlands [3]. For example, Ribeiro confirmed the significant carbon sequestration role of wetlands wetlands’ significant carbon sequestration role in ecosystems [4]. Whiting and Chanton’s research on North American wetlands identified significant variations in carbon sequestration rates among wetland vegetation types (e.g., reeds, aquatic herbs, mangroves) [5], which are crucial for assessing total wetland carbon storage. Craft’s North American studies demonstrated that effective wetland restoration substantially enhances vegetation carbon sequestration and soil carbon storage [6], highlighting restoration’s importance for improving carbon sink functions and addressing climate change. Domestic scholars, meanwhile, have conducted carbon sequestration value accounting and assessment studies on various types of wetlands. For instance, Guan et al. researched on the Yellow River Delta High-Efficiency Eco-Economic Zone in China, constructing a carbon neutrality assessment framework for both wetland and non-wetland ecosystems [7]. Xie conducted a study on Guangzhou Wetland Park and appropriately assessed its carbon sequestration capacity [8].
Global legal frameworks for wetland carbon sinks are gradually developing in the legal and policy domains. Article 6 of the Paris Agreement established the “International Carbon Sink Cooperation Mechanism,” providing a legal foundation for cross-border transactions [9]. The EU’s 2022 Carbon Border Adjustment Mechanism (CBAM) incorporated carbon sinks into trade regulations [10]. As a Belt and Road initiator, China has implemented legal innovations: the 2021 Wetland Protection Law of the People’s Republic of China first included “carbon sink functions” as legislative objectives, promoting wetland carbon sink pledge financing pilots in Zhejiang and Fujian provinces. However, the existing research lacks a systematic analysis of carbon trading legal mechanisms, a definition of property rights, adefinition of property rights, and an understanding of international regulatory alignment. For instance, Southeast Asian countries’ diverse wetland ownership systems (state, communal, private) complicate the identification of carbon trading entities. While China leads in top-level design, compatibility between local regulations and global carbon market rules requires strengthening.
This study aims to construct a legal safeguard framework for Belt and Road wetland carbon sink trading, addressing three key issues: (1) clarifying carbon sink rights through property rules; (2) designing transnational unified accounting and certification standards; and (3) coordinating financial support with biodiversity conservation principles. Methodologically, it combines policy analysis and desk research to review international conventions, national policies, and typical cases, proposing a tripartite “Property Rights–Market–Regulation” institutional optimization pathway. The innovation lies in introducing the Equator Principles into wetland carbon sink financial supervision and establishing a transnational dispute resolution mechanism for carbon trading, providing legal foundations and practical guidance for Belt and Road green cooperation.

2. Research Design and Methods

2.1. Policy Analysis Method

This paper reviews and discusses the relevant policy documents on international wetland carbon sink trading, explores the possible institutional support for establishing the Belt and Road wetland carbon sink trading system, and compares the domestic transformation and implementation of relevant international consensus in the Belt and Road countries. It analyzes the legal obstacles faced by establishing the Belt and Road wetland carbon sink trading system, and puts forward targeted improvement suggestions. The primary foreign wetland carbon sink trading policy documents involved in this paper are shown in Table 1. The domestic wetland carbon sink trading policy documents involved in this paper are shown in Table 2.

2.2. Desk Research

Research mainly refers to the collection, organization, and analysis of temporary, primary, and secondary literature. The reviewed research includes academic papers, books, survey reports, laws and regulations, and other documents. In the research process for this article, we mainly used Chinese and English databases such as Web of Science and CNKI to retrieve international and domestic literature on wetland carbon sink trading. We use PKULAW. CN, government information disclosure websites, etc., to search for laws and regulations related to wetland carbon sink trading and obtain relevant information on wetland carbon sink trading. Additionally, these were used to collect, organize, and analyze the key contents of the legal guarantee of wetland carbon sink trading. A clear and comprehensive understanding of the current institutional dilemma of wetland carbon sink trading in the “Belt and Road” region has been formed.

3. Historical Overview of Wetland and Carbon Policy

As the kidneys of the earth, wetlands have multiple ecological service functions such as regulating climate, regulating water storage, purifying water bodies, and beautifying the environment, as shown in Figure 1. They are one of the most valuable ecosystems on Earth and can provide a wide range of ecosystem services to maintain human life and well-being.
In 2013, General Secretary Xi Jinping pioneered the construction of the “Silk Road Economic Belt” and the “21st Century Maritime Silk Road” (hereinafter referred to as “the Belt and Road”), namely the “Belt and Road” initiative. As a responsible major country, China, guided by the concept of ecological civilization and green development, actively promotes the construction of a green “Belt and Road” and helps countries and regions along the route to embark on a path of green and low-carbon transformation. As of the end of June 2023, China has signed more than 200 cooperation documents on jointly building the “Belt and Road” with 152 countries and 32 international organizations (data are from https://www.yidaiyilu.gov.cn/country, accessed on 31 July 2024). The report of the 20th CPC National Congress pointed out that “jointly building the Belt and Road Initiative has become a popular international public product and international cooperation platform”. The green and low-carbon transformation of my country and less developed countries along the Belt and Road is very important for the world to achieve the temperature rise control target of the Paris Agreement.
The United Nations Framework Convention on Climate Change (hereinafter referred to as the “Convention”), the Paris Agreement, and the Kyoto Protocol as well as international documents such as the United Nations Convention on Climate Change have condensed the important consensus of the international community on the need to slow down the trend of global climate change and solve the problem of climate warming. The Convention points out that carbon sink refers to the process, activities, and mechanisms of removing carbon dioxide from the atmosphere [11]. The current carbon sink system mainly includes green carbon sink trading mechanisms based on forest ecosystems, such as the Clean Development Mechanism (CDM) afforestation and reforestation projects under the Kyoto Protocol, reducing Emissions from Deforestation and Forest Degradation (REDD+) under the Convention, as well as voluntary wetland carbon sink projects under domestic carbon trading markets in various countries. Recently, carbon sinks, mainly marine ones, have gradually received attention. The international community has gradually released documents or plans such as “Blue Carbon: An Assessment Report on the Role of Carbon Sequestration in a Healthy Ocean” and the Blue Carbon Initiative, which proposes to establish a global carbon sink market and recommends incorporating carbon sinks into the existing international carbon trading market.
Compared with the relatively mature international consensus on marine carbon sinks and green carbon sinks, less attention is paid to wetland carbon sinks. Wetlands refer to shallow water areas with static or flowing water, such as natural or artificial swamps, and also include waters with a depth of no more than 6 m at low tide. According to the classification system of the Ramsar Convention, wetlands can be divided into three categories: marine/coastal wetlands, inland wetlands, and artificial wetlands. In recent years, the focus on ocean blue carbon sinks has led the international community to pay attention to coastal wetland carbon sinks. In 2013, the Intergovernmental Panel on Climate Change of the United Nations issued the “2013 Supplement to the 2006 IPCC Guidelines for National Greenhouse Gas Inventories: Wetlands”, includes coastal wetlands in the national greenhouse gas inventory. Wetlands are the second most important carbon sink in the known terrestrial ecosystems after forests. They have a strong carbon accumulation function. It is also one of the terrestrial ecosystems with the highest carbon storage per unit area [12]. They are one of the world’s largest carbon pools and play important, crucial role in the global carbon cycle. Effectively playing the role of wetland carbon sequestration and sink is an important path to achieve carbon peak and carbon neutrality goals, and has received widespread attention from governments worldwide. Figure 2 shows the trend of global wetland quantity and area changes since 1974, according to Ramsar statistics. Figure 3 shows the trend of global wetland quantity changes in various regions since 1974, according to Ramsar statistics.
In recent years, humans have gradually realized the scale of benefits and loss costs of wetland protection in responding to climate change. Undisturbed peatlands and coastal wetlands such as mangroves and salt marshes are powerful carbon sinks. Once degraded, they may be converted into carbon sources and release large amounts of greenhouse gases. Therefore, relevant measures for wetland protection should be further incorporated into the Nationally Determined Contribution (NDC) and the national climate adaptation and disaster risk reduction plan. Wetland carbon sinks overlap with coastal carbon sinks and marine carbon sinks. At present, most of the discussions on wetland carbon sinks are included in marine carbon sink discussions, and most research results focus on the carbon fixation principles and carbon sink capacity of coastal wetlands from the perspective of natural science [13]. Murray has achieved a lot of results in scientific research, policy formulation, and the practical management of blue carbon sinks, and suggested that blue carbon sinks be included in the United Nations’ climate mitigation actions [14]. There are relatively few theoretical studies on the legal aspects of carbon sink trading. Romulo Silveria da Rocha Sampiao analyzes the opportunities and difficulties encountered by forestry projects under the CDM, and attempts to resolve the possible obstacles and impacts of carbon sink projects from the perspective of the legal framework [15]. Dennis D Hirsch explores the relationship between carbon sinks and the CDM by exploring the exercise of transactions [16]. Rebecca K. Smith demonstrated the importance of developing carbon sinks in addressing climate change from the perspective of law and management [17]. Duarte et al. pointed out that algae in the ocean contribute greatly to the blue carbon sink, 2.36 times that of global mangroves, wetlands, and seagrass beds [18]. In general, there is little research on wetland carbon sink trading mechanisms, trading status, and the institutional mechanism guarantee system.
In contrast, the European Union has established a systematic framework for wetland carbon sink mechanisms. The EU Emissions Trading System (EU ETS) [19], the world’s first cross-border carbon emissions trading mechanism, serves as a core policy tool for the EU to achieve its climate goals. Additionally, under the EU’s Emissions Trading Directive, member states are required to develop independent National Allocation Plans (NAPs), with collective decisions determining each country’s carbon emission allowances (European Union Allowances, EUAs) [20]. For instance, Germany’s Federal Nature Conservation Act explicitly integrates peatland carbon sinks into its national carbon market trading system and establishes a “wetland bank” mechanism, allowing companies to fulfill their ecological compensation obligations by purchasing wetland restoration credits. Meanwhile, the United States has created a “wetland mitigation banking” system under the Clean Water Act, permitting developers to achieve ecological compensation through the purchase of wetland credits. These mature policy instruments offer institutional design templates for countries along the Belt and Road Initiative, but their cross-departmental coordination mechanisms still require further refinement.
On the occasion of the 10th anniversary of the Belt and Road Initiative, how to use the international carbon emission reduction mechanism to ensure better the green efficiency of the Belt and Road platform and achieve win–win cooperation was an important issue that urgently needed in-depth research. This article analyzes how to provide legal guarantees for the less developed countries along the Belt and Road to carry out wetland carbon sink trading, and provides a new implementation option to ensure the green efficiency and low-carbonization of the Belt and Road Initiative, promoting the construction of a green Belt and Road, and promoting international cooperation in addressing climate change.

4. Practical Investigation of Wetland Carbon Sink Trading Along the Belt and Road Initiative

4.1. Carbon Trading Is an Important Part of Green “Belt and Road” Construction and International Cooperation

The Belt and Road Initiative spans four continents and 68 countries, with a population encompassing 60% of the world’s total population, a GDP of about 1/3 of the world’s total, and a commodity trade of about 1/4 of the world’s total, playing a pivotal role in influencing global carbon emissions [21]. The Guiding Opinions on Promoting the Construction of a Green Belt and Road, jointly issued by the Ministry of Environmental Protection and four other departments, pointed out that the concept should be put first, cooperation and sharing should be emphasized, and the concept of ecological civilization and green development should be highlighted. The green ecological civilization concept of the Belt and Road Initiative is highly consistent with the United Nations 2030 Sustainable Development Goals and the goals of various international conventions, which makes the Belt and Road Initiative not only a trade road, but also a green and legal road. The green development of the Belt and Road Initiative has promoted the connection between ecological and environmental protection policies, regulations, and standards. China has signed a large number of bilateral and multilateral ecological and environmental protection cooperation agreements with countries and international organizations, building the Belt and Road Initiative. The Belt and Road International Cooperation Organization was officially established in Beijing in 2019. The establishment of this organization marks the fact that the green development of the Belt and Road Initiative has entered a new stage. Under the Belt and Road Initiative, strengthening international cooperation in ecological environment protection and climate change, making good use of the carbon market mechanism, further promoting the Belt and Road Initiative in the direction of green, low-carbon environmental protections, and revitalizing the ancient Silk Road are inevitable. Low carbon has become an important indicator that affects and determines manufacturing standards and product and service evaluations around the world, thus causing fundamental changes in international economic and trade rules [22]. Using market mechanisms to price and trade carbon dioxide to solve climate change problems has become an important policy tool at the regional, national, and international levels, with its focus varying depending on the environment. The carbon market is an effective way to use the market economy to achieve low-cost emission reductions, reduce greenhouse gas emissions, improve energy efficiency, and respond to global climate change. In a low-carbon environment, the carbon trading market is a bridge that connects real and virtual capital. It can use market mechanisms to optimize the allocation of carbon assets, thereby enabling the real economy to truly move towards a low-carbon one, which is an inevitable trend for future world economic development [23]. The emergence and development of regional carbon trading markets are related to the positions of countries in climate negotiations and the differences in their emission reduction targets.

4.2. Overview of Wetlands in Countries Along the Belt and Road

Internationally essential wetlands provide a test field for achieving sustainable wetland management under different environmental conditions, pressure mechanisms, and governance models [24]. The Internationally Important Wetlands List is one of the largest protected area networks in the world [25]. There are 2517 internationally important wetlands in the world, covering approximately 257,289,430 hectares [26]. This is an important type of carbon storage reservoir. According to existing data, the total carbon storage of internationally important wetlands (including mangroves) is 1.61 billion tons (i.e., 1.61 × 1015 g). Internationally important wetlands are typical representatives, so when investigating the wetland ecosystems along the Belt and Road, internationally important wetlands were selected as statistical objects. According to the statistical data, the number of internationally important wetlands along the “Belt and Road” accounts for 24.66% of the world’s total, and the area accounts for 14.7%. In particular, the number and area of internationally important wetlands in the seven CIS countries and two East Asian countries (mainly China) are relatively large, as shown in Figure 3 and Table 3. Combined with the feasibility of establishing a carbon market, this region is suitable for the development of wetland carbon sink trading.

5. Theoretical Framework of Institutional Supply of Wetland Carbon Sink Trading Along the Belt and Road Initiative

5.1. Wetland Carbon Sink Property Rights System

5.1.1. Determination of the Legal Attributes of Wetland Carbon Sink Property Rights

The term property rights first emerged in the field of economics. In 1937, Coase proposed the concept of transaction costs in his article The Nature of the Firm [27], organically linking property rights with transaction costs and resource allocation, and laying the foundation for property rights theory. He proposed that “in order to conduct market transactions, it is necessary to find out who wants to trade, to tell people the desire and method of trading, to conclude contracts through bargaining negotiations, and to supervise the strict implementation of contract terms [28].
The concept of “property rights” was first born in economic theory, but as a right or a concept related to rights, its existence is impossible without a legal system and legal research. Law is the most important formal institutional arrangement in a society, and property rights’ arrangement is the foundation and core of institutional arrangements [29]. The definition and protection of property rights is one of the core contents of a legal system. In other words, whether a property rights arrangement is effective depends to a large extent on the effectiveness and rationality of the legal system in which it operates [30]. Based on the economic analysis of the meaning of property rights in the previous article, this paper proposes the meaning of wetland carbon sink property rights and their system from a legal perspective. Combined with the characteristics of wetland carbon sinks, this paper believes that the concept of wetland carbon sink property rights can be used interchangeably with wetland carbon sink property rights, which refers to the property owners, operators, and users of wetland carbon sinks. The right to occupy, use, benefit from, and dispose of wetland carbon sink property is legally enjoyed by the property rights subjects, including the property owners, operators, and users of wetland carbon sinks. These powers can be separated from the owners of wetland carbon sinks, and different wetland carbon sink property rights can be formed through different combinations. The right to possess, use, benefit, and dispose of wetland carbon sinks are the four basic powers of wetland carbon sink property rights.
First, a legal system is conducive to the smooth implementation of wetland carbon sink trading. If there is a sound legal system for wetland carbon sink property rights, many institutional barriers that hinder the smooth implementation of wetland carbon sink trading in practice will be solved. Second, it is conducive to protecting the rights of wetland carbon sink property rights subjects. Only through the existence of a certain mandatory legal system, eliminating or reducing transaction costs, can it be possible to ensure the interests of the right holders. This system provides for the legal protection of wetland carbon sink property rights. Only by legislating to make wetland carbon sinks property rights, can the current situation of free use of this “public good” be eliminated to a certain extent [31]. For non-property right owners, under the conditions of legal provisions, if they want to obtain the benefits of carbon dioxide emission reduction, the practical way is mainly through wetland carbon sink property rights transactions. The existence of a legal system for wetland carbon sink property rights can provide a possible realistic basis for the existence and modeling of wetland carbon sink trading processes [32].

5.1.2. Rules for Defining Wetland Carbon Sink Property Rights

Clarifying property rights is an important basis for realizing the value of wetland carbon sinks through market mechanisms [33]. In China, wetlands belong to the state. Taking coastal wetlands as an example, in order to meet the demand for sea use, relevant laws separate the ownership and use rights of coastal wetlands, allowing civil entities to obtain the use rights of specific coastal wetlands through administrative approval. The relevant legal rights and management practices provide a feasible institutional basis for the development of carbon sink projects. However, the relevant departments have not yet made clear provisions on the ownership, use rights, income rights, and transfer rights of coastal wetland carbon sinks, the division and circulation of which can be seen as obstacles to the confirmation of coastal wetland carbon sink rights [34].

5.2. Wetland Carbon Sequestration Market Rules

5.2.1. Wetland Carbon Sink Trading Market Players

The trading entities include suppliers, demanders, and regulators. Suppliers are project owners who obtain carbon credits by carrying out carbon sink projects, including mangrove reserves, national marine park management units, and other entities. Suppliers obtain new carbon sinks by protecting, restoring, or increasing coastal wetlands, and receive carbon credits according to carbon credit verification methods and standards in different markets. Suppliers trade in the corresponding carbon sink market and feed the transaction proceeds back to the field of coastal wetland protection and restoration. Different carbon sink demanders have different motivations for participating in carbon sink transactions, and choose different carbon sink trading markets. Demanders in the voluntary market are generally enterprises, investors, individuals, public welfare organizations, etc., who promise carbon emission reduction or carbon neutrality. Demands in the compliance market are mainly from emission enterprises that are included in the quota market and need to comply with mandatory obligations. The relevant entities realize quota clearance by purchasing carbon credits. Regulators include governments, third-party institutions, and other entities. Among them, governments provide funding, technology, and policy guidance to regulate the market trading order and ensure the stable development of transactions; third-party institutions include certification, supervision, and intermediary institutions. Certification agencies are responsible for verifying the eligibility of projects and the authenticity of carbon credits. Supervision agencies are responsible for ensuring that the transaction process is qualified and transparent, and intermediary agencies provide consulting services and accurate transaction information to trading entities.

5.2.2. Price Rules for Wetland Carbon Sink Trading

In recent years, international research institutions and organizations have continuously introduced coastal wetland carbon sink accounting standards, mainly including national greenhouse gases.
The specific contents of the inventory, carbon storage survey and monitoring, carbon trading methodology [35], etc., are summarized in Table 4. In 2014, the Intergovernmental Panel on Climate Change of the United Nations proposed a method for compiling national greenhouse gas inventories for the three major coastal blue carbon ecosystems. To date, the United States, Australia, and the United Arab Emirates have included carbon sinks in their national greenhouse gas inventories. In addition, the United Nations Programme proposed a method for calculating carbon storage in the three major coastal blue carbon ecosystems, which provided technical support for calculating carbon sinks in coastal wetlands. International experience demonstrates that standardized carbon sink measurement is critical to market operation. Australia’s Great Barrier Reef 2050 Plan developed the world’s first coral reef carbon sink quantification tool, “Reef Credits,” which achieves a precise quantification of carbon sequestration capacity in coral reef ecosystems by integrating multi-dimensional technical approaches [36,37]. China could draw on such technical standards to promote a mutual recognition mechanism for carbon sink measurement under the Belt and Road Initiative, fostering cross-border collaboration in carbon market development and ecological governance.
So far, foreign research institutions and organizations have issued a large number of carbon trading methodologies. Different methodologies have different scopes of application. A specific methodology may be applicable to the world, a country, or a specific region. In 2020, the Shenzhen Dapeng New District completed China’s first “Carbon Sink Accounting Guide”, which became China’s first attempt to build a carbon sink accounting system. From the perspective of carbon sink trading, coastal wetland carbon sinks realize value through market trading activities. The transaction price is the monetary embodiment of the economic value of coastal wetland carbon sinks. However, since the value of coastal wetland carbon sinks is difficult to calculate accurately, the determination of transaction prices is relatively complicated. Generally speaking, suppliers and demanders determine carbon sink prices through bidding, but natural, economic, and policy factors also affect carbon sink transaction prices to a certain extent. The expected price of carbon sinks is the lowest price that carbon sink suppliers can accept, and this price should be higher than the opportunity cost of land. Ways to determine transaction prices include market regulation, government guidance, and government pricing. In order to reduce transaction risks, governments can formulate guidance prices based on the actual situation of the region, or guide suppliers to set prices based on pricing authority and scope, so that suppliers can determine transaction prices based on actual conditions. The transaction parties can also independently determine the transaction price through bidding or negotiation to reflect the actual supply and demand situation in the market.

5.3. Wetland Carbon Sequestration Supervision and Institutional Guarantee

5.3.1. Wetland Carbon Sink Trading Should Comply with the Equator Principles

The Equator Principles (EPs) for the regulation of the financial market for wetland carbon sink trading were established by the world’s major financial institutions based on the policies and guidelines of the International Finance Corporation and the World Bank. They are a financial industry benchmark for judging, evaluating, and managing environmental and social risks in project financing.
In October 2002, at a meeting of internationally renowned commercial banks held in London, the International Finance Corporation (IFC) and the Dutch Bank proposed a corporate loan standard, requiring financial institutions to conduct a comprehensive assessment of the possible environmental and social impacts of a project when investing in a project, and to use financial leverage to promote the project playing a positive role in environmental protection and the harmonious development of the surrounding society. In June 2003, the world’s major financial institutions established the Equator Principles (EP), an international financing standard that has been highly praised and recognized by financial and investment communities, based on the “Environmental and Social Development Performance Standards” proposed by the International Finance Corporation. In 2006, major international financial institutions made a comprehensive revision of the Equator Principles based on actual operations. At present, nearly 70 financial institutions in developed and emerging markets around the world have adopted the Equator Principles, with their businesses covering more than 100 countries around the world, and their total project financing accounting for 85% of the total global project financing market. In October 2008, China’s Industrial Bank also pledged to adopt the Equator Principles and became China’s first “Equator Bank”. At present, compliance with the Equator Principles has become a basic element of international project financing, pushing financial institutions from the early stage of “maximizing shareholder interests” to a new stage of financial goals of “fully considering the demands of multiple stakeholders” [38]. The Equator Principles have become a new standard for international project financing related to social and environmental issues and a recognized international practice in the international banking industry.
In the regulation of the wetland carbon sink trading financial market, the introduction of the Equator Principles will affect the internal control management and credit mechanism of the financial sector through internal and external constraints. This will not only help to restrict the negative impact of wetland carbon sink trading on society and the environment through the source of funds, thereby reducing the financing risk of a financial system, but also reflect the high sense of social responsibility of financial institutions and establish a good public environmental protection image. While banks and other financial institutions are financing wetland carbon sink trading, they should fulfill their prudent review and investigation obligations on the environmental and social impact issues involved in the financing of wetland carbon sink trading projects. Only when the initiator of a wetland carbon sink trading project can prove that the wetland carbon sink trading project will be responsible for society and the environment during its implementation, will not affect the welfare of the local community and biodiversity protection where the wetland carbon sink project is carried out, and will strictly abide by the Equator Principles, will the wetland carbon sink trading project be financed. The Equator Principles can be considered a formal international convention or a legally binding system for the financing of wetland carbon sink trading projects.

5.3.2. Wetland Carbon Sinks Should Be Developed in Coordination with Biodiversity Conservation Goals

(1) Principle of Sustainable Development
The United Nations Conference on the Environment and Development proposed the following in its Agenda 21: “In order to effectively integrate environment and development into the policies, planning and management processes at all levels of each country, it is necessary to develop and implement comprehensive, sanctionable and effective laws and regulations based on comprehensive social, ecological, economic and scientific principles.” When coordinating the legal system of wetland carbon sinks and biodiversity protection, it is necessary to proceed from the principle of sustainable development and coordinate the relationship between the two. The successful implementation of wetland carbon sinks can contribute to biodiversity protection, and the effective protection of biodiversity can in turn encourage forestry to absorb more carbon sources. The two are essentially interdependent and mutually reinforcing. Therefore, in practice, whether it is new legislation or the improvement of existing policies and systems, the common interests of wetland carbon sinks and biodiversity protection should be taken into account.
(2) Principle of prevention first
The approach of the precautionary principle is to predict and prevent serious or irreversible damage, such as species extinction in biodiversity conservation, or the prevention of irreversible climate change, when there is no evidence that action is necessary [39]. In terms of wetland carbon sinks and biodiversity conservation, prevention means taking preventive measures in advance to prevent irreversible damage to biodiversity during the implementation of wetland carbon sink projects, on the premise of predicting that forestry activities may have or increase adverse effects on biodiversity conservation. Once biodiversity is destroyed, it often takes a long time and costs a lot to restore it. Instead of taking special remedial measures and paying a high price to restore biodiversity, it is better to focus on preventing and avoiding biodiversity loss at the beginning of wetland carbon sinks. Therefore, legislation should be forward-looking and fully implement the principle of prevention first, which is the most reliable, economical, and powerful way to achieve the coordinated development of wetland carbon sinks and biodiversity.
(3) Strengthening the principle of cooperation
A wetland carbon sink is an effective measure for all mankind to cope with climate change. Developed countries can use the clean development mechanism to implement wetland carbon sink transactions in developing countries to complete the carbon reduction task of the first commitment period at a lower cost than domestic emission reduction. At the same time, biodiversity protection is also an important way to achieve the sustainable development of the global ecological environment balance system [40,41]. In fact, the technical level of wetland carbon sink and biodiversity protection in different regions and countries is uneven. Developed countries have advanced technology, which is exactly what developing and underdeveloped countries lack; but, at the same time, developing and underdeveloped regions have unique biological resource advantages. Therefore, international cooperation and exchanges in the field of wetland carbon sink and biodiversity protection should be strengthened, bilateral or multilateral contacts should be established, and mutual learning should be achieved. On the one hand, developing and underdeveloped countries should learn from the advanced technology and experience of developed countries, and on the other hand, regions or countries with relatively mature work in biodiversity protection and wetland carbon sink technology should provide assistance to relatively backward countries and regions, making joint efforts for climate change on a global scale. Only through this way can the world’s biodiversity be better protected [42,43].

6. Suggestions on Establishing a Legal Guarantee System for Wetland Carbon Sink Trading Along the Belt and Road

6.1. The Current Status of the Legal Guarantee System for Wetland Carbon Sink Trading for the Belt and Road Initiative

Building on the theoretical and practical analyses presented in previous chapters, this chapter proposes actionable recommendations for constructing a robust legal framework to support wetland carbon sink trading under the Belt and Road Initiative, as shown in Figure 4. Current challenges, such as ambiguous property rights, fragmented accounting standards, underdeveloped market mechanisms, and multifaceted transaction risks highlight the urgent need for systemic reforms. By integrating principles of transnational coordination, equitable resource governance, and ecological sustainability, this chapter outlines a multi-dimensional approach to harmonize legal systems, enhance market efficiency, and align financial and regulatory mechanisms with global climate goals. The proposed solutions aim to transform wetland carbon sinks from underutilized ecological assets to pivotal instruments for achieving low-carbon transitions and green cooperation across the Belt and Road economies.

6.1.1. Obstacles to Property Rights Confirmation

Clear property rights are an important basis for realizing the value of blue carbon sinks in coastal wetlands through market mechanisms. China’s coastal wetlands belong to the state. In order to meet the demand for sea use, relevant laws separate the ownership and use rights of coastal wetlands, allowing civil entities to obtain the use rights of specific coastal wetlands through administrative approval. The relevant legal rights and management practices provide a feasible institutional basis for the implementation of carbon sink projects. However, the relevant departments have not yet made clear provisions on the ownership rights, use rights, income rights, and transfer rights of coastal wetland carbon sinks, the division and circulation of which have led to obstacles to the confirmation of coastal wetland carbon sink rights.

6.1.2. The Accounting System Has Not Yet Been Unified

The blue carbon sinks in coastal wetlands that realize economic value through carbon sink trading must meet the characteristics of identifiable monitoring, traceable quantification, and additionality. Scientific accounting is the cornerstone of realizing the value of the blue carbon sinks in coastal wetlands. In order to ensure that the carbon credits generated by a project meet the certification requirements, it is necessary to form a complete monitoring, reporting, and verification standard and evaluation procedure throughout the life cycle of coastal wetland carbon sink development, and dynamically monitor the carbon base and carbon sink increment of coastal wetlands within the project scope. Research on the carbon storage mechanism of coastal wetland ecosystems has been continuously enriched, but compared with terrestrial carbon sinks, humans still lack a sufficient understanding of the storage, rate, process mechanism, and function of coastal wetland carbon sinks. China has not yet established a monitoring and evaluation system specifically for coastal wetlands, which makes it difficult to meet the requirements of “measurable, reportable, and verifiable” for coastal wetland carbon sinks. At present, China has not yet established a unified coastal wetland carbon sink accounting method or a technical specifications and evaluation standard system, and many basic scientific problems and technical applications face practical challenges.

6.1.3. Imperfect Market Trading Mechanism

Coastal wetland carbon sink trading must establish a systematic market trading system to fully guarantee that project owners can obtain the economic value of carbon credits generated by a project. Formulating clear trading subject rules, trading methods, and price rules are the basic elements of a sound market trading system. However, China currently lacks clear regulations on necessary contents such as trading subjects, trading methods, trading pricing, and offset rules for coastal wetland blue carbon sinks. At the same time, due to the lack of an effective price mechanism, the trading price of coastal wetland carbon sinks may be affected by natural, economic, and policy factors. The investment cost of coastal wetland carbon sink projects is high, the financing mechanism is not yet sound, and the source of funds is relatively narrow. In addition, the relevant supporting systems still need to be improved, and the relevant institutions lack clear regulations on supporting systems such as assessment and certification, intermediary services, and insurance services.

6.1.4. Multiple Transaction Risks Coexist

Coastal wetland carbon sink projects have the characteristics of a relatively complex development environment, low expected profits, high maintenance costs in the later stage, and slow additional benefits. They are subject to risks such as natural ecological risks, project operation risks, and market transaction risks. The related risks make it difficult for project owners to form stable investment return expectations and make it difficult for project owners to bridge all construction costs and opportunity costs incurred during the development process. Therefore, coastal wetland carbon sink projects may not be able to form a capital return rate that is attractive to the private sector.

6.2. Suggestions on Improving the Legal Guarantee System for Wetland Carbon Sink Trading Along the Belt and Road

6.2.1. Objectives of the Security System

The resource endowments of countries along the Belt and Road vary greatly, and their relative advantages also vary greatly. The goal of regional carbon trading in the Belt and Road is to expand the market size of the Belt and Road, diversify emission reduction plans, reduce emission costs, and improve the coordination of emission reduction policies among countries and regions, thereby reducing differences in certain environmental policies in international trade activities. Specifically, this should be the goal of the legal guarantee system for wetland carbon sink trading in the Belt and Road.
Whether the specific cooperation mode of Belt and Road carbon trading is reasonable is related to whether climate governance can be smoothly implemented and whether the expected governance objectives can be achieved. In the regional carbon trading legal system formulated by the Belt and Road parties, it is necessary to fully consider whether the total amount of carbon emissions and the allocation of quotas are reasonable, whether the responsibility sharing is fair, whether the performance assessment system is open and fair, and the interests of the relevant responsible parties. Specifically, the legal mechanism of Belt and Road carbon trading should ensure the realization of the following goals: (1) We must ensure that all carbon trading participants can obtain actual benefits. (2) It is necessary to unify the individual interests of the Parties with the interests of the overall goal of global climate governance, thereby reversing the current global norm. The unreasonable situation of rights and obligations, and the costs and benefits of all parties in the global climate governance mechanism can be solved to achieve the goal of incentive compatibility. (3) We must adhere to independent selection and decision-making, and achieve effective resource allocation based on the market.

6.2.2. Specific Rule Design

(1) Clarify the ownership of wetland carbon sinks: China urgently needs to innovate the property rights system based on the right to use the sea area, clearly define the ownership rights, use rights, income rights, and transfer rights of wetland carbon sinks, addressing division issues, and provide encouragement and guidance for the transfer of coastal wetland carbon sinks at the legal level. The central government can encourage local governments to develop property rights incentive mechanisms to promote the protection and restoration of coastal wetlands according to local conditions, attract social capital to participate in the protection and restoration of coastal wetlands, and fully accumulate practical experience. In addition, relevant departments can promote pilot demonstration projects such as national marine parks, establish partnerships with local communities and other private sectors, and enable the relevant entities to play a key role in project implementation, project monitoring, and sustainable operation.
(2) Establish a unified accounting standard system: Relevant departments should conduct a unified baseline survey and research on coastal wetlands through field surveys and monitoring, clarify the quantity, quality, spatial distribution, ownership, and utilization of coastal wetlands, and track and grasp the changes in coastal wetlands in a timely manner. The relevant departments should explore scientific issues such as the carbon sequestration mechanism and the sink enhancement pathways of coastal wetlands, and improve the technical methods and standard system related to coastal wetland carbon sink monitoring, investigation, and research. China should learn from and absorb international coastal wetland carbon sink accounting standards, and on the basis of long-term surveys and the monitoring of coastal wetlands, establish and improve the research and review of coastal wetland carbon sink accounting standards as soon as possible. China should also establish a carbon sink accounting standard system that can cover all types of coastal wetlands as soon as possible, forming systematic and complete monitoring, reporting, and verification norms and a standard system for carbon sink projects that has gained international consensus.
(3) Regulate the order of the carbon sink trading market: As carbon sink trading continues to mature, trading entities will become more and more extensive. Therefore, it is necessary to establish and improve trading rules, clarify the rights and obligations of both parties to a transaction, and ensure the fairness and rationality of a transaction. Demanders need to pay suppliers within the agreed period, and suppliers need to deliver carbon credits to demanders on schedule, ensuring the number of carbon credits and that they meet the project standards. In order to ensure the authenticity and compliance of carbon credits, regulatory authorities shall conduct a qualification review of certification agencies and their practitioners, assessing their neutrality and independence, and institutions with interests in project owners shall apply for recusation. The regulatory authorities shall conduct qualification certifications of intermediary institutions, standardize the operating procedures and charging standards of intermediary institutions, provide accurate information to both parties to a transaction, and reduce transaction costs and communication costs. Third-party institutions should establish and improve insurance service systems to avoid transaction risks and develop related insurance services including price insurance, loss insurance, and credit insurance. Third-party institutions should establish carbon loss insurance to enhance the ability to resist natural risks, establish price insurance to mitigate the impact of price fluctuations, and establish credit insurance to avoid credit risks. Third-party institutions should improve the carbon sink trading supervision system, the government should supervise the market from a macro and policy level, and management agencies should oversee the specific circumstances of transaction execution and promptly discover and correct illegal operations.
(4) Strengthen financial support and funding guarantee: The central government should formulate carbon sink fiscal and taxation policies, increase national fiscal support for carbon sink projects, and arrange corresponding budget funds to support project pilot demonstrations, technology research and development, capacity building, etc. Through fiscal measures such as subsidies and rewards, as well as tax measures such as tax exemption, tax reduction, and tax deduction, carbon sink trading will be further developed. At the same time, it is necessary for government departments to improve carbon sink investment and financing policies, guide social capital and foreign capital to inject carbon sink projects, and promote the development of various financing models. Third-party institutions should vigorously cultivate carbon sink-related financial derivatives to disperse or transfer transaction risks, stabilize carbon sink prices, and expand carbon sink transaction financing channels. In addition, China should establish a carbon sink development fund, which will be guided by the government to raise funds for enterprises, social organizations, individuals, etc., to expand the source of funds for carbon sink projects.

7. Conclusions

The smooth progress of wetland carbon sink trading in the Belt and Road is inseparable from clear property rights definition rules, efficient market trading entities, clear carbon sink trading price rules, financial support in line with the Equator Principles, and support from environmental regulatory principles consistent with biodiversity. At present, there are still obstacles to property rights confirmation in wetland carbon sink trading in the Belt and Road, the accounting system has not been unified, the market trading mechanism is not sound, and multiple trading risks coexist. To this end, we propose that the goal of the legal guarantee system for wetland carbon sink trading in the Belt and Road should be clarified first. In the specific rule design, it is necessary to focus on gathering consensus among all parties on clarifying the ownership of wetland carbon sinks, establishing a unified accounting standard system, and the relevant departments should conduct field investigations and monitoring, standardize the carbon sink trading market order, and strengthen government financial support and funding guarantees.

Author Contributions

J.M.: Conceptualization (partial), Writing—Original Draft Preparation. W.Y.: Methodology, Data Curation, Formal Analysis. W.H.: Conceptualization (lead), Supervision, Writing—Review and Editing, Project Administration. P.L.: Conceptualization (co-lead), Supervision, Writing—Review and Editing. H.Z.: Investigation, Resources, Writing—Review and Editing. Y.Z.: Investigation, Resources, Writing—Review and Editing. All authors reviewed the manuscript. All authors have read and agreed to the published version of the manuscript.

Funding

The Shaanxi Provincial Social Science Project “Research on the reform of the compensation system for ecological and environmental damage in Shaanxi Province under the background of dual carbon” provided funding (2022E026).

Data Availability Statement

No new datasets were generated or analyzed in this study. All data sources supporting this research are publicly available and have been properly cited within the article text. Complete reference details for all datasets are provided in the reference list.

Conflicts of Interest

The authors declare that they have no known competing financial interests or personal relationships that could have influenced the results reported in this paper.

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Land 14 01583 g001
Figure 1. The role of wetlands. Quoted from The Nature Conservancy (TNC) (https://www.tnc.org.cn/content/details29_1032.html, accessed on 23 July 2025). Translated original Chinese text labels to English.
Figure 1. The role of wetlands. Quoted from The Nature Conservancy (TNC) (https://www.tnc.org.cn/content/details29_1032.html, accessed on 23 July 2025). Translated original Chinese text labels to English.
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Figure 2. The trend of global wetland quantity and area changes since 1974 (1 ha = 103 km2). Quoted from Ramsar Sites Information Service (https://rsis.ramsar.org/).
Figure 2. The trend of global wetland quantity and area changes since 1974 (1 ha = 103 km2). Quoted from Ramsar Sites Information Service (https://rsis.ramsar.org/).
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Figure 3. The number and area (ha) of internationally important wetlands in 2018. Quoted from Ramsar Sites Information Service (https://rsis.ramsar.org/).
Figure 3. The number and area (ha) of internationally important wetlands in 2018. Quoted from Ramsar Sites Information Service (https://rsis.ramsar.org/).
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Figure 4. Suggestions on establishing a legal guarantee system for wetland carbon sink trading along the Belt and Road.
Figure 4. Suggestions on establishing a legal guarantee system for wetland carbon sink trading along the Belt and Road.
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Table 1. International policy documents on wetland carbon sink trading.
Table 1. International policy documents on wetland carbon sink trading.
OrganizationsDocumentsContents
United Nations Environment Programme, Food and Agriculture Organization of the United NationsBlue Carbon: The Role of Healthy Oceans in Binding Carbon—A Rapid Response AssessmentCarbon sink was proposed, confirming the role of the ocean in climate change and the carbon cycle.
Conservation International, Intergovernmental Oceanographic Commission, etc.Blue Carbon InitiativeEstablish a policy working group and a scientific working group to continue to use coastal and marine ecosystems to mitigate climate change variety.
Intergovernmental Oceanographic Commission, United Nations Development Programme, etc.Blueprint for Ocean and Coastal SustainabilityIt is recommended that a global carbon sink trading market, a global carbon sink fund, and unified monitoring and certification standards be established, and the proposal should include carbon sinks in the policy framework of the United Nations Framework Convention on Climate Change.
United Nations Intergovernmental Panel on Climate Change
Door Committee		2013 Supplement to the 2006 IPCC Guidelines for National Greenhouse Gas Inventories: WetlandsInclude coastal wetlands (including mangroves, tidal marshes, and seagrasses) in national greenhouse gas inventories.
Table 2. China’s wetland carbon sink trading policy documents.
Table 2. China’s wetland carbon sink trading policy documents.
OrganizationsDocumentsContents
Former State Oceanic AdministrationOpinions on the work related to addressing climate change in the marine sectorCarbon sink was proposed, confirming the ocean in climate change and the carbon cycle.
State CouncilThe 12th Five-Year Plan for the Development of the National Marine EconomyPromote the ecological restoration and protection of coastal wetlands and build ecological barriers in intertidal zones and tidal flats.
CPC Central Committee, State CouncilOverall Plan for Ecological Civilization System ReformEstablish effective mechanisms to increase carbon sinks in forests, grasslands, wetlands, and oceans.
State CouncilThe 13th Five-Year Plan for Controlling Greenhouse Gas EmissionsInclude coastal wetlands (including mangroves, tidal marshes, and seagrasses) in national greenhouse gas inventories.
Former State Oceanic AdministrationGuiding Opinions on Strengthening the Management and Protection of Coastal WetlandsStrengthen the protection of significant natural coastal wetlands, restore and repair damaged coastal wetland ecosystems, strictly manage the development and utilization of coastal wetlands, and strengthen coastal wetland surveys and monitoring.
State Oceanic Administration and Standardization Administration of ChinaNational Marine Standardization “Thirteenth Five-Year Plan” Development PlanIn the marine ecological environment assessment subsystem, formulate standards for marine resource and environmental carrying capacity assessments, early warnings, marine carbon sinks, etc.
State CouncilThe 13th Five-Year Plan for Controlling Greenhouse Gas EmissionsPropose to explore and carry out carbon sink pilot projects in marine and other ecosystems, and launch a carbon sink pilot program in coastal and marine ecosystems
CPC Central Committee,
State Council		Several Opinions on Improving the Strategy and System of Major Functional AreasExplore the establishment of a blue carbon standard system and trading mechanism.
CPC Central Committee, State CouncilImplementation Plan for the National Ecological Civilization Pilot Zone (Hainan)Research blue carbon standard systems and trading mechanisms, and explore establishing international carbon emission trading venues per the law.
Table 3. The number and area of internationally important wetlands.
Table 3. The number and area of internationally important wetlands.
AreaQuantityQuantity Ratio (%)Area (ha)Area Ratio (%)
China8237,647,8953
Asia (Belt and Road countries)210813,647,9635.3
Europe (One Belt One Road)40716.1715,303,3855.9
Oceania160.6813,0730.3
South America923.629,490,58311.46
Africa41916.64111,155,91043.20
Others129151.9979,230,62130.84
Quoted from Ramsar Sites Information Service (https://rsis.ramsar.org/).
Table 4. Relevant documents issued by important international organizations.
Table 4. Relevant documents issued by important international organizations.
YearsOrganizationsDocumentsContents
2012World Forestry Research CenterMethod for Measuring Carbon Sequestration in MangrovesApplicable to afforestation and reforestation activities of degraded mangroves worldwide
2012American Carbon RegistryRestoration of Degraded Delta Wetlands in the Mississippi DeltaApplicable only to degraded forested and non-forested wetlands in the Mississippi Delta
2013CDMSmall-scale afforestation and reforestation project activities on wetlandsApplicable only to afforestation and reforestation projects on wetlands with an annual carbon sink of less than 16,000 tons
2013FAOREDD+ approach frameworkApplicable to mangrove deforestation, degradation, afforestation, reforestation, and vegetation planting, planned and unplanned wetland degradation, and wetland restoration activities worldwide
2014CERMethodology for constructing coastal wetlandsApplicable only to wetlands degraded in open water areas within the United States
2014IPCC2013 Supplement to the 2006 IPCC Guidelines for National Greenhouse Gas Inventories: WetlandsApplicable to global coastal wetland greenhouse gas emissions and assessment
2014United Nations Environment ProgrammeCoastal blue carbon: Methods for assessing carbon storage and release factors in mangroves, salt marshes and seagrass bedsCarbon sink assessment applicable to global coastal blue carbon ecosystems
2015CERTidal flat wetland and seagrass restoration methodologyApplicable to degraded marshes and seagrass meadows worldwide
2017American Carbon RegistryCalifornia Delta and Coastal Wetlands RespondApplicable only to agricultural land and degraded tidal wetlands in the Sacramento-San Joaquin Delta, USA
2020Shenzhen Dapeng New DistrictCarbon Sink Accounting GuideOnly applicable to Shenzhen Dapeng New District
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Min, J.; Yuan, W.; He, W.; Luo, P.; Zhang, H.; Zhao, Y. Comprehensive Overview Assessment on Legal Guarantee System of Wetland Carbon Sink Trading for One Belt and One Road Initiative. Land 2025, 14, 1583. https://doi.org/10.3390/land14081583

AMA Style

Min J, Yuan W, He W, Luo P, Zhang H, Zhao Y. Comprehensive Overview Assessment on Legal Guarantee System of Wetland Carbon Sink Trading for One Belt and One Road Initiative. Land. 2025; 14(8):1583. https://doi.org/10.3390/land14081583

Chicago/Turabian Style

Min, Jingjing, Wanwu Yuan, Wei He, Pingping Luo, Hanming Zhang, and Yang Zhao. 2025. "Comprehensive Overview Assessment on Legal Guarantee System of Wetland Carbon Sink Trading for One Belt and One Road Initiative" Land 14, no. 8: 1583. https://doi.org/10.3390/land14081583

APA Style

Min, J., Yuan, W., He, W., Luo, P., Zhang, H., & Zhao, Y. (2025). Comprehensive Overview Assessment on Legal Guarantee System of Wetland Carbon Sink Trading for One Belt and One Road Initiative. Land, 14(8), 1583. https://doi.org/10.3390/land14081583

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