Antalya:Ankara The Global Carbon Council (GCC), headquartered in Doha, has announced the launch of the Global Carbon Market Network at the United Nations Climate Change Conference (COP31) in Antalya, Turkiye. This initiative emerges as a part of an international coalition comprising leading financial institutions, exchanges, and carbon market organizations.

According to Qatar News Agency, the launch ceremony took place at the Arab Climate Pavilion, co-hosted by the GCC and the General Secretariat of the League of Arab States in the COP31 Blue Zone. The event witnessed participation from hundreds of climate experts, government representatives, financial institutions, carbon market organizations, and other key stakeholders.

The network aims to unify institutions from regions including Africa, Asia, the Middle East, Europe, and Latin America, with countries such as Saudi Arabia, Morocco, and China participating. Its focus is on enhancing transparency, boosting investor confidence, and facilitating climate finance toward mitigation projects, especially in developing nations. The initiative, convened by UNCTAD, seeks to address market fragmentation by connecting existing voluntary and compliance markets and improving market interoperability.

Dr. Yousef Alhorr, Founding Chairman of the GCC, emphasized the importance of international cooperation and market integrity during the ceremony. He highlighted the network's role in connecting carbon markets, building trust, and translating carbon transactions into climate impact. The network's activities will include capacity building, market-practice benchmarking, and technical engagement with emissions trading regulators.

The initiative also highlights the role of non-state actors and private sector institutions in mobilizing climate finance. UNCTAD Acting Secretary-General Pedro Manuel Moreno and Nan Li Collins, Chair of the UN Sustainable Stock Exchanges Initiative, expressed optimism about the network enhancing the effectiveness of carbon pricing mechanisms.

As carbon pricing mechanisms expand worldwide, the network's launch is seen as a pivotal step toward a more connected global carbon market ecosystem, aiming to translate climate commitments into measurable emissions reductions and sustainable development benefits.