Antalya, November 15 (QNA) - The Global Carbon Council (GCC) and Türkiye's Energy Exchange, Enerji Piyasaları İşletme A.Ş. (EPİAŞ), internationally known as Energy Exchange Istanbul (EXIST), have signed a Memorandum of Understanding (MoU) to strengthen cooperation on carbon market development and explore opportunities for trading GCC-issued carbon credits in Türkiye.

The agreement was signed at the Arab Climate Pavilion jointly hosted by GCC and the League of Arab States during the 31st United Nations Climate Change Conference (COP31) in Antalya, Türkiye, by Dr. Yousef Alhorr, Founding Chairman of GCC, and Taha Meli Arvas, CEO and Vice Chairman of the Board of EPİAŞ.

The cooperation aims to facilitate the use of GCC's internationally recognized carbon crediting program in Türkiye, explore new opportunities for market participants to access high-integrity carbon credits, and strengthen technical capacity as the country develops its carbon market framework.

The agreement brings together GCC's experience in carbon crediting standards, project registration and credit issuance with EPİAŞ's expertise in operating organized energy and environmental markets. It seeks to support the development of transparent market mechanisms that can connect credible emissions reduction projects with buyers and investors, while contributing to corporate climate strategies and national climate objectives.

Under the MoU, both organizations will explore the listing and trading of GCC's Approved Carbon Credits (ACCs) on EPİAŞ's trading platforms, subject to applicable regulations and market requirements. They will also examine the potential recognition of ACCs under Türkiye's future compliance carbon market framework.

The proposed cooperation could broaden market access for project developers and buyers, while encouraging the registration, issuance and use of high-quality carbon credits through transparent and reliable trading processes.

Beyond trading, the agreement places strong emphasis on capacity building and knowledge exchange. GCC and EPİAŞ intend to organize workshops, webinars, seminars and other activities to strengthen understanding of carbon market requirements among potential market participants and local stakeholders. GCC will also support access to publicly available information on its crediting program, registry and methodologies.

The cooperation may further draw on the expertise of the Gulf Organisation for Research and Development (GORD), GCC's parent organization, to support market readiness and technical capacity development in Türkiye.

Potential areas of support include training on greenhouse gas accounting, monitoring, reporting and verification (MRV), carbon border adjustment requirements, and sustainability disclosure under the Turkish Sustainability Reporting Standards (TSRS), which are aligned with IFRS S1 and S2.

The parties may also explore the application of GORD's digital solutions, including SustainoAI, to support greenhouse gas accounting, ESG reporting and financed-emissions calculations, alongside broader technical assistance in decarbonization and energy efficiency.

Speaking on the occasion, Dr. Yousef Alhorr, Founding Chairman of the Global Carbon Council, said: “Credible carbon markets depend on the ability to connect high-integrity carbon credits with transparent, well-functioning market infrastructure. Our cooperation with EPİAŞ creates an opportunity to strengthen these connections in Türkiye while supporting the knowledge and institutional capacity needed for markets to grow responsibly. Beyond trading, the broader objective is to help climate projects attract investment, deliver measurable emissions reductions and contribute to sustainable economic development.”

The agreement reflects a shared interest in strengthening Türkiye's carbon market ecosystem through internationally recognized standards, technical cooperation and the exchange of expertise. By bringing together carbon crediting and organized market operations, GCC and EPİAŞ aim to support the development of credible and accessible market mechanisms that can translate climate commitments into measurable outcomes.

Commenting on the agreement, Taha Meli Arvas, CEO and Vice Chairman of the Board of EPİAŞ, said: “Developing effective carbon markets requires more than trading platforms. It depends on reliable standards, transparent processes and participants who have the knowledge and capacity to engage with confidence. Through our cooperation with the Global Carbon Council, we aim to explore new opportunities for carbon credit trading, strengthen technical expertise and support market development in line with Türkiye's regulatory priorities and evolving market needs.” (QNA)