The largest emitting countries in the world are predominantly developing countries, including the BRICS countries. The general principle of “climate justice” asserts that the largest emitting countries should take the lead in efforts to reduce greenhouse gas emissions. The legal implications for the implementation of climate change mitigation efforts play an active role in the implementation and establishment of the carbon exchange concept in the context of the carbon trading system. The urgency of listing on the carbon exchange is driven by the precautionary principle of global carbon accounting, which aims to avoid the risk of carbon leakage. The purpose of this research is to examine the obligation of emitting countries to make ambitious efforts towards reducing their greenhouse gas emissions while also upholding the basic principles of accountability and transparency. Offsetting the amount of carbon emitted by each country is largely calculated based on carbon credits purchased. In order to prevent double counting, carbon exchanges have the responsibility of recording the sale of carbon units with certificates issued under a “polluter pays” system.