The Paris Climate Agreement pointed the nations of the world towards a more aggressive climate change goal of limiting global average warming to well below two degrees Celsius. It also produced greenhouse gas emissions reduction pledges from most of the world’s countries as a first step. However, far more aggressive policies will be required than currently pledged to realize the long-run goal. Given the scale of the climate challenge, it is critically important to look beyond sectors, borders and the near-term to explore potential policy designs, and to identify measures that could reduce mitigation costs and potentially enhance participation. This study explores opportunities for international partnerships for emissions trading, characterizing the possibilities and examining the implications and benefits for society. Using an integrated model of the global energy, economic, and climate systems, we analyze a range of potential future regional greenhouse emissions reduction pledges, from less to more ambitious. With this backdrop, we then evaluate alternative opportunities for international cooperation in the form of emissions permit trading partnerships. In such scenarios, countries are allowed to work together to achieve their emissions reduction pledges. We find the there are valuable opportunities for partnerships, opportunities that will be shaped by the relative ambition of partners and available technology, and observe that larger partnerships are potentially more valuable, but not necessarily more valuable to all partners. We also find that not all partnerships are equal, with large variation in value and emissions trading positions (buyer and seller) depending on the partners. The appeal of alternative partners may also be a function of country investment risks. Furthermore, we find that there may be circumstances where emissions trading could facilitate increases in global emissions reduction ambition. Finally, we note that there may be limits to what countries can achieve on their own and international cooperation may be essential for realizing the climate ambitions of the Paris Climate Agreement. This research is intended to inform strategic thinking about potential climate policy goals and implementation and electric sector and energy system investments.