On Monday, November 9, the 31st Conference of the Parties (COP31) began in Antalya, Türkiye. This summit brings together member countries to address the challenges of the climate crisis, assess progress made, and discuss measures to reduce emissions and mitigate climate impacts.
COP31 is taking place nearly eleven years after the signing of the Paris Agreement, through which countries committed to keeping the global temperature rise below 2 °C and making efforts to limit it to 1.5 °C. Consequently, one of the main topics of discussion at this year’s conference will be determining what actions will be taken to meet these goals.
The situation is uncertain: although countries agreed in 2023 to promote an energy transition to reduce dependence on fossil fuels, the current geopolitical context suggests that their use will continue and may even increase. In addition, there are factors that could influence the negotiations, such as the absence from the U.S. delegation and the limited participation of Latin American leaders—among them, the president of Brazil stands out as the only head of state from the region attending.
Furthermore, the effects of climate change are becoming increasingly evident and are having a more severe impact on vulnerable populations, especially in coastal and island nations. This concern has already been addressed at previous conferences. During COP27, it was agreed to establish a Loss and Damage Fund to support developing countries in the face of inevitable climate impacts and in 2024, a new climate finance target was set to expand financial support for these nations—not only to reduce their emissions but also to strengthen their adaptation and resilience.
One of the main complaints about the climate negotiations is that everything remains on paper; goals continue to be set but not met, and investment in fossil fuels continues to rise. In response, COP31 aims to position itself as the “COP of Implementation,” shifting the focus towards concrete actions and measurable results. To support this approach, the presidency has identified six Global Implementation Targets:
As part of this implementation agenda, the COP31 presidency is promoting the “35% by 35” initiative, which seeks to engage governments, businesses, and financial institutions around a global electrification goal: to increase the share of electricity in final energy consumption from the current 23% to 35% by 2035. The initiative aims to accelerate the electrification of transportation, buildings, and industry, while reducing dependence on imported fossil fuels.
Formal negotiations regarding carbon markets will indeed be part of the agenda, but they will be considerably smaller in comparison to what they have been for many years—which makes sense, given that we are now in the implementation phase. But yes, issues related to Article 6 will be addressed. Regarding Article 6.2, aspects related to the financing of the mechanism will be discussed, and regarding Article 6.4, the focus will be on the annual report of the Supervisory Body.
Beyond the Article 6 negotiations, on November 12 during COP31, the United Nations Conference on Trade and Development (UNCTAD) will launch the Global Carbon Market Network. This initiative aims to address fragmentation in the global carbon market, strengthen the connection between carbon and capital markets and encourage investment in climate projects, particularly in developing countries. The initiative aims to improve market credibility, transparency and accessibility, and to strengthen the contribution of carbon markets to international climate action.
Carbon markets are expanding as more and more countries adopt carbon pricing instruments. Emissions Trading Systems (ETS) and carbon taxes currently cover almost 30% of global GHG emissions, generating over $107 billion in public revenue in 2025. However, differences in standards, registries and trading systems, as well as concerns regarding credit quality, transparency, verification and double counting, continue to impact market confidence and investment.
To address these challenges, the Network will connect existing VCM and compliance markets by bringing together financial institutions, regulatory bodies and other participants, rather than establishing a new market or certification standard. Its activities will include technical cooperation on market integrity, emissions measurement and verification, and the use of digital technologies to improve transparency and reduce transaction costs. It will also deliver capacity-building programs, conduct benchmarking exercises, and produce a global report on the state of carbon markets.
A key objective is to strengthen investment flows between developed and developing countries. According to UNCTAD, while most VCM credits are generated by projects in developing countries, they are purchased by buyers in developed economies. Improving connections between markets could therefore facilitate cross-border transactions and attract more private investment to emissions reduction and removal projects. The initiative also aims to enhance developing countries' access to finance, technology, and international markets.
The Network's founding members come from Africa, Asia, the Middle East, Europe and Latin America. These include Climate Impact X, Verra, the Colombian Association of Carbon Market Actors (ASOCARBONO), the Johannesburg Stock Exchange, and the Indonesia Stock Exchange, as well as other financial and carbon market institutions.