Ankara, November 12 (QNA) - Global Carbon Council (GCC), the first independent carbon crediting standard established in the Global South and headquartered in Doha, announced the launch of the Global Carbon Market Network on the sidelines of the United Nations Climate Change Conference (COP31) in Antalya, Turkiye, joining as a founding member within an international coalition of leading financial institutions, exchanges, and carbon market organizations.

A joint press statement issued on Thursday by GCC and UN Trade and Development (UNCTAD) stated that the Arab Climate Pavilion, jointly hosted by GCC and the General Secretariat of the League of Arab States in the COP31 Blue Zone, hosted the official launch ceremony. The event brought together hundreds of in-person and virtual participants, including climate experts, government representatives, financial institutions, carbon market organizations, standard-setting bodies, and key stakeholders.

The statement noted that the Global Carbon Market Network brings together institutions from Africa, Asia, the Middle East, Europe, and Latin America, including Saudi Arabia, Morocco, Kazakhstan, China, Singapore, Indonesia, South Africa, Nigeria, and UK. This diverse coalition brings together expertise across carbon crediting, financial markets, exchanges, and trading infrastructure, providing a foundation for international cooperation to build a more integrated carbon market ecosystem.

Convened by UNCTAD, the network aims to strengthen connections between carbon markets, enhance transparency and investor confidence, and facilitate climate finance flows toward mitigation projects, particularly in developing countries.

The network addresses persistent market fragmentation caused by differing regulatory frameworks, standards, registries, and trading systems. Rather than establishing a new market or competing standard, it focuses on connecting existing voluntary and compliance markets, improving system interoperability, and developing consistent market practices.

Addressing the ceremony, Founding Chairman of the Global Carbon Council Dr. Yousef Alhorr emphasized the importance of enhancing international cooperation, strengthening market integrity, and ensuring equitable access to climate finance.

"The future of carbon markets will not be determined by how many markets we create, but by how effectively we connect them, build trust, and translate carbon transactions into measurable climate impact," Dr. Alhorr stated. "The Global Carbon Market Network represents an important step towards overcoming fragmentation, strengthening international cooperation, and unlocking climate finance, particularly for developing countries."

"At GCC, we believe market integrity, transparent infrastructure, and institutional readiness must advance together. Through our expertise in Article 6 readiness, capacity building, and digital MRV solutions, we aim to support more inclusive and credible carbon markets," he added. "Ultimately, success must be measured not simply by the volume of carbon traded, but by genuine emissions reductions, tangible benefits to local communities, and progress towards the Sustainable Development Goals."

The statement outlined that the network will promote cooperation among carbon market institutions, exchanges, and financial entities, focusing on market integrity, emissions measurement and verification, digital technologies, and platform interoperability. Enhanced connectivity between carbon registries, trading platforms, and financial institutions is expected to reduce transaction costs and improve market access for project developers.

The initiative also underscores the critical role of non-state actors, including private sector institutions and financial intermediaries, in mobilizing climate finance beyond traditional public funding channels.

Ahead of the launch, UNCTAD Acting Secretary-General Pedro Manuel Moreno expressed hope that the network would enhance the effectiveness of carbon pricing mechanisms as instruments for reducing emissions and mobilizing climate finance for developing nations.

For her part, UNCTAD's Director of Investment and Enterprise and Chair of the UN Sustainable Stock Exchanges Initiative Nan Li Collins said: "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."

The network's initial activities will include capacity-building programs, market-practice benchmarking, the preparation of a global synthesis report on carbon markets, and technical engagement with emissions trading system regulators regarding technical challenges and interoperability.

Its launch at COP31 represents a key step toward a more connected and inclusive global carbon market ecosystem, where international partnerships, trusted infrastructure, and enhanced confidence translate climate commitments into measurable emissions reductions, sustainable development benefits, and expanded access to climate finance.

This initiative comes as carbon pricing mechanisms expand globally, with emissions trading systems and carbon taxes covering nearly 30 percent of global greenhouse gas emissions and generating public revenues exceeding USD 107 billion in 2025.

Despite this expansion, there remains a critical need to strengthen market connections to translate carbon pricing into greater investment that yields measurable emissions reductions and supports the Sustainable Development Goals. (QNA)