COP31 to launch Global Carbon Market Network in Antalya on 12 November

A new global network will launch at the UN climate summit COP31 on 12 November in Antalya, Türkiye, with the stated aim of tackling fragmentation in carbon markets and channeling more investment into climate projects, particularly in developing countries. The Global Carbon Market Network is being convened by UN Trade and Development (UNCTAD).

UNCTAD says the network will seek to strengthen links between carbon and capital markets, improve transparency and credibility, and facilitate cross-border transactions. UNCTAD said carbon markets remain fragmented across different standards, registries and trading systems.

It added that concerns over credit quality, transparency and double counting have weakened confidence and constrained market development, particularly in developing economies. Ahead of the launch, UNCTAD Acting Secretary-General Pedro Manuel Moreno said he hoped the network would help make carbon pricing a more effective tool for reducing emissions and mobilizing climate finance for developing countries.

Nan Li Collins, UNCTAD's Director of Investment and Enterprise and chair of the UN Sustainable Stock Exchanges Initiative, said carbon markets can help put a price on emissions and mobilize climate action finance, but that their effectiveness depends on trust, integrity and functioning market infrastructure. The network will also promote cooperation among exchanges and market institutions on market integrity, measuring and verifying emissions reductions, and digital technologies to improve transparency and reduce transaction costs.

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