A new global platform aimed at connecting fragmented carbon markets and mobilising investment for climate projects in developing countries will be launched on November 12 at the UN climate summit COP31 in Antalya, Türkiye.
Convened by UN Trade and Development (UNCTAD), the Global Carbon Market Network (GCMN) will bring together carbon exchanges, financial institutions and other market players to improve transparency, strengthen market credibility and facilitate cross-border investment.
The initiative comes as carbon markets expand globally but remain divided by different standards, registries and trading systems. Concerns over the quality of carbon credits, transparency and double counting have weakened investor confidence and limited the ability of developing countries to attract finance through carbon trading.
UNCTAD Acting Secretary-General Pedro Manuel Moreno expressed hope that the Network would help make carbon pricing a more effective instrument for reducing emissions and mobilising climate finance, particularly for developing economies.
“Carbon markets can play a role in putting a price on emissions and mobilizing finance for climate action, but their effectiveness depends on trust, integrity and functioning market infrastructure,” said Nan Li Collins, UNCTAD’s Director of Investment and Enterprise and Chair of the UN Sustainable Stock Exchanges Initiative.
The Network will promote cooperation among carbon exchanges and market institutions, with technical work focusing on market integrity, the measurement and verification of emissions reductions, and the use of digital technologies to improve transparency and reduce transaction costs.
Connecting markets to unlock investment
Carbon pricing is becoming an increasingly important component of climate policy. Emissions trading systems and carbon taxes now cover nearly 30 percent of global greenhouse gas emissions and generated more than US$107 billion in public revenue in 2025.
However, the new Network will not establish another carbon market or introduce a separate credit standard. Instead, it will seek to connect existing voluntary and compliance markets, improve coordination and address barriers that prevent carbon finance from reaching viable projects.
Voluntary carbon markets are particularly relevant to developing countries. UNCTAD research indicates that most voluntary carbon credits originate from projects in developing economies and are purchased by buyers in developed countries. These transactions can provide an important source of private investment for projects that reduce or remove greenhouse gas emissions.
Better links between markets could strengthen confidence in carbon credits, improve access to international buyers and expand financing for renewable energy, forest conservation, clean technologies and other climate-related projects.
The Network also aims to support implementation of Article 6 of the Paris Agreement, which provides a framework for international cooperation through carbon trading and the transfer of mitigation outcomes between countries.
Global participation and initial priorities
Founding members of the Network represent Africa, Asia, the Middle East, Europe and Latin America. They include the Astana International Financial Centre Authority, Capacity Building Alliance for Sustainable Investment (China), Casablanca Finance City (Morocco), Climate Impact X (Singapore), Colombian Association of Carbon Market Actors (ASOCARBONO), Financial Services Development Council (Hong Kong, China), Global Carbon Council (Qatar), Indonesia Stock Exchange, Johannesburg Stock Exchange, Macao International Carbon Emission Exchange, Nigeria Sovereign Investment Authority, UK Carbon Market Forum, Verra and Voluntary Carbon Market Company (Saudi Arabia).
Its initial programme will include capacity-building initiatives, benchmarking of market practices and preparation of a global synthesis report on the state of carbon markets. The Network will also engage with emissions trading system regulators to address technical issues and improve interoperability among existing systems.
The official launch is scheduled for November 12, from 9:30am to 10:30am, at the Arab Climate Pavilion in Antalya. Founding members and international partners are expected to discuss the Network’s objectives, governance arrangements and priorities for future cooperation.
COP31, which opened in Antalya on November 9, is focusing on translating climate commitments into practical action amid growing climate, economic and geopolitical challenges.
For developing countries, the proposed Network could offer an additional channel for attracting private climate investment. Its effectiveness, however, will depend on whether it can ensure credible carbon accounting, prevent double counting, establish confidence in credit quality and make market participation accessible to countries with limited technical and financial capacity.
The central challenge will be to ensure that stronger carbon markets deliver measurable emissions reductions while generating fair and meaningful financial benefits for developing economies.
