UNCTAD Launches Global Carbon Market Network to Connect Fragmented Carbon Pricing Infrastructure
At COP31 in Turkey, UNCTAD launched a global network on November 12 to strengthen carbon market transparency, credibility and investment in developing countries.
UNITED NATIONS,ECONOMY
Global N Press
11/12/20261 min read
On 12 November 2026, the UN Trade and Development (UNCTAD) launched the Global Carbon Market Network (GCMN) at COP31 in Antalya, Turkey, to connect fragmented voluntary and compliance carbon markets, improve transparency and cross-border credibility, and channel private capital toward emission-reduction projects in developing countries. UNCTAD serves as the secretariat, with Ma Jun and Mike Zehetmayr as co-chairs; the first 14 founding members span Africa, Asia, the Middle East, Europe and Latin America, including the Hong Kong Financial Development Bureau and the Macau International Carbon Emissions Exchange.
Carbon pricing now covers nearly 30% of global greenhouse gas emissions and generated over $107 billion in public revenue in 2025, yet fragmented standards, registries and trading systems constrain financing potential. UNCTAD estimates that most voluntary carbon credits originate in developing countries and are sold to buyers in developed economies, making credible cross-border rules a financing issue. The network will pursue technical cooperation on market integrity, measurement and verification, and digital infrastructure to support Article 6 of the Paris Agreement.
