UNCTAD launches Global Carbon Market Network at COP31 to link fragmented markets and channel finance to developing countries

UNCTAD will officially launch the GCMN on 12 November 2026 at COP31, which runs from 9 to 20 November. UNCTAD will act as secretariat. It describes the network as a market-oriented, multi-stakeholder platform bringing together carbon exchanges, financial institutions, investors, project developers, standard-setters and market infrastructure providers.

According to UNCTAD, the network aims to support implementation of Article 6 of the Paris Agreement and make cross-border investment in carbon credit projects easier. It also seeks to promote credible, efficient and interconnected carbon markets through stronger market integrity. At the launch, UNCTAD will present the network’s objectives, governance arrangements and initial programme of work, alongside the co-chairs and founding members.

The launch event is hosted by the Global Carbon Council. The listed speakers include UNCTAD Acting Secretary-General Pedro Manuel Moreno, GCC Founding Chairman Yousef Mohammed Alhorr, Climate Impact X CEO Oi-Yee Choo, and UK Carbon Markets Forum Chair Mike Zehetmayr. The GCMN is one of two workstreams under UNCTAD’s Climate Cooperation Initiative, alongside investment promotion and facilitation services. Both aim to help developing countries mobilise private capital and implement their NDCs.

Signals to watch

• A UN convening role for market actors: Unlike UNFCCC processes that govern Article 6 rules, the GCMN brings private market infrastructure into a UN-convened forum. Watch whether it develops practical outputs, such as interoperability standards, shared data protocols or investment pipelines, or stays a dialogue platform.
• Linking fragmented markets: Prices for carbon credits vary widely between regions, and registries, standards and exchanges operate largely separately. Progress on interoperability could lower transaction costs and improve access for developing-country projects.
• Exchange and registry alignment: With founding participants such as the Global Carbon Council, Climate Impact X and the UK Carbon Markets Forum, the network brings together players already building Article 6 infrastructure. Its work could influence which platforms become default channels for authorised credits.
• Developing-country finance focus: UNCTAD’s mandate centres on development. Expect the network to emphasise mobilising capital for projects in developing countries, simplifying cross-border investment and building capacity, which addresses the readiness gaps highlighted ahead of COP31.
• A crowded coordination landscape: The GCMN joins existing initiatives such as the Carbon Market Platform, the Global Carbon Pricing Challenge, the UNCTAD-linked trade dialogues and industry coalitions. Its value will depend on avoiding duplication and delivering concrete tools for host countries and investors.

Sources:

• UNCTAD – COP31 side event: launch of the UNCTAD Global Carbon Market Network
• UNCTAD – COP31: UNCTAD to spotlight trade, investment and finance as drivers of climate action
• UNCTAD – Global Carbon Market Network meeting page
• UNCTAD – Climate Cooperation Initiative concept note