Gov. Eliot SpitzerNew York Gov. Eliot Spitzer and New Jersey Gov. Jon Corzine participated in an international forum on climate change Monday in Lisbon.

According to Bloomberg News [1], they joined officials from the European Union, Canadian provinces and Norway to sign an agreement to fight global warming by sharing plans to cap emissions and trade rights to emit pollutants. The International Carbon Action Partnership [2] will ensure that the individual programs are more compatible and are able to work together as the foundation of a global carbon market. Advocates say such a market will boost demand for low-carbon products and services and promote innovation.

"Global warming is the most significant environmental problem of our generation, and by establishing an international partnership, we are taking the vital steps to address this growing concern," Spitzer said.

Last week, Gov. Spitzer announced draft regulations [3] to implement a mandatory greenhouse gas emissions trading program, as part of the Regional Greenhouse Gas Initiative [4]. The goal is to achieve a 16 percent reduction in power plant emissions by 2019.