It is thought that the countries will work closely to improve low-carbon technology and share experiences of best practice in fighting climate change.
Discussing the new forum the prime minister, Gordon Brown, said: "The launch of the ICAP is a truly significant step forward in the global effort to combat climate change.
"Trading emissions between nations allows us all to reach our greenhouse gas targets more cost-effectively. And it therefore allows us to reduce emissions more than we could by acting alone."
Mr Brown's decision to join the forum has come after energy minister Malcolm Wicks stated that the future of energy generation in the UK should involve "a far greater role for renewable sources" to improve Britain's carbon footprint.
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