Antalya:A new global network is set to launch at the UN climate summit COP31 on November 12 in Antalya, Türkiye, with the aim of addressing fragmentation in carbon markets and directing more investment into climate projects, especially in developing countries.
According to United News of Bangladesh, the Global Carbon Market Network, convened by UN Trade and Development (UNCTAD), will work to strengthen connections between carbon and capital markets, enhance transparency and credibility, and facilitate cross-border transactions.
Carbon markets are currently fragmented across various standards, registries, and trading systems. Issues such as credit quality, transparency, and double counting have hindered confidence and restricted market growth, particularly in developing economies. UNCTAD Acting Secretary-General Pedro Manuel Moreno expressed optimism that the Network would make carbon pricing a more effective tool for reducing emissions and mobilizing climate finance for developing nations.
The Network will encourage cooperation among exchanges and market institutions, focusing on technical work related to market integrity, emissions reductions verification, and the use of digital technologies to improve transparency and reduce transaction costs. As carbon pricing expands, the Network aims to connect existing markets and initiatives, leveraging voluntary and compliance markets to channel private investment across borders.
Initial activities for the Network include capacity-building programs, market-practice benchmarking, a global synthesis report on the state of carbon markets, and engagement with emissions trading system regulators on technical and interoperability issues. Founding members span Africa, Asia, the Middle East, Europe, and Latin America, and include prominent entities such as the Astana International Financial Centre Authority, Climate Impact X (Singapore), and the Indonesia Stock Exchange.
COP31 opened with President Murat Kurum urging countries to transform climate promises into practical actions amid growing interconnected climate, economic, and geopolitical challenges. UNCTAD, established in 1964, remains the UN's leading body on trade and development, providing expert analysis and technical assistance to its 195 member states.