Turkey Says Carbon Markets to Take ‘Rightful Place’ at COP31

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Or sign-in if you have an account.9k60xch8{njn0}xwlzt2517g_media_dl_1.png BloombergNEF, Verra, Gold Standa(Bloomberg) — Governments will be pressed at the annual United Nations climate conference to help boost demand for carbon credits and unlock more than $50 billion in additional annual finance for developing economies to tackle tasks like reducing emissions, according to the summit’s host.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountElevating the use of carbon markets will be among objectives for the COP31 meetings in Turkey in November, Murat Kurum, the country’s environment minister and president of the talks, said in an interview.“Mobilizing private capital at the speed and scale required means ensuring every available tool is being used effectively, and carbon markets are one of the most underused,” Kurum said. “We want to see carbon markets take their rightful place in the climate finance architecture.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againFor terminal data on global carbon markets, click here.To facilitate this aim, Turkey confirmed Thursday it had joined the Coalition to Grow Carbon Markets, an initiative formed last year and led by countries including the UK, Kenya and Singapore to bolster corporate demand for high-integrity carbon credits. The move builds on the enactment last year of the country’s first climate law, which provided the legal basis to establish a domestic emissions trading scheme.Projects that generate credits by sequestering carbon are seen by advocates as a critical vehicle for raising climate finance. However, that theory has been tested in recent years amid a series of integrity scandals that deterred potential buyers and declining ambition from companies in many regions to curb emissions.Carbon credit purchases, or retirements, fell 28% in July and are at the lowest year-to-date level since 2021, BloombergNEF said in a report last week. While several initiatives to grow the carbon market have been advanced in recent years, the Coalition represents the first time that governments “have come together specifically to intervene and build the market,” said Kurum. That’s an important distinction because governments “bring unique market-shifting abilities,” he said. Not only do they “provide the political and regulatory direction that can instill business confidence,” but the governments in the coalition “are creating the conditions to grow carbon credit demand,” he said. If governments can establish “a genuinely demand-enabling policy environment,” growth in the voluntary carbon market could deliver over $50 billion in additional, debt-free finance annually by 2030, much of it flowing to emissions reductions, removals and nature protection in emerging and developing economies, said Kurum.Brazil last year set up a network focused on strengthening global compliance carbon markets, as it hosted the 2025 round of UN-convened climate talks.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Turkey also plans to make boosting clean energy adoption a key focus of the COP31 presidency, Kurum — whose portfolio includes urbanization and climate change — said in an interview in April. “Efforts to unlock the potential of carbon credit markets” will help to deliver on that goal, he said this week.Kurum said COP31 should also help move an international carbon credit mechanism overseen by the United Nations “firmly into full implementation.” He expects ”constructive process on the remaining operational issues” of the system, which will allow country-to-country trading of credits under Article 6 of the Paris Agreement.Another important carbon markets outcome at COP31 will be the launch of the Coalition’s policy playbook, which will set out “the most impactful policy options” governments can use to give investors the confidence they need to scale up purchases, he said. In a statement Thursday, the Coalition said Ghana and Luxembourg have also joined the initiative alongside Turkey, bringing the total to 14 members, which also includes France and Indonesia.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.