14 countries back carbon credit market rules at COP31

At COP31 in Türkiye, 14 countries signed the Antalya Statement to push stronger policy support for international carbon credit markets and private climate finance. The statement also launched a policy playbook meant to help governments turn carbon market interest into real investment and demand.

Why it matters: - Governments are trying to turn carbon credit markets into a bigger source of private capital for climate action. - The Antalya Statement signals broader political backing for market rules that could help scale demand for high-integrity credits and boost climate finance by 2035. - Recent analysis cited in the release says supportive policy could quadruple the market's value to $21 billion by 2035.

What happened: - Ministers and climate envoys at the UN COP31 talks in Antalya, Türkiye, signed the Antalya Statement on November 13, 2026. - The statement was issued by The Coalition to Grow Carbon Markets and signed by 14 countries: Canada, France, Indonesia, Ireland, Italy, Kenya, Luxembourg, New Zealand, the Philippines, Singapore, Switzerland, Türkiye, the UK and Zambia. - Egypt said it will join the coalition, and Ireland also announced it will join as the coalition's 16th member. - The Coalition has tripled its membership since launching in June 2025.

The details: - The statement says carbon credit markets “play an important role in directing capital to climate action and climate-positive growth,” and that “what matters now is implementation.” - The Antalya Statement launched a Policy Playbook with eight policy levers governments can use to grow corporate demand for high-integrity carbon credits. - The playbook is meant to help governments grow demand, create more consistency across policy approaches and encourage businesses to invest. - The playbook is also intended to help countries anchor policies locally while keeping markets globally connected. - In the statement, signatories called the playbook “a vital tool for government climate action.” - Türkiye's environment minister, Murat Kurum, said the statement recognizes the role of carbon credit markets in the climate finance architecture. - Kurum said globally aligned, high-integrity carbon credit markets support COP31 priorities, including the Climate Implementation Bridge goal. - The coalition released the playbook at the Singapore Pavilion in Antalya.

Between the lines: - The statement reflects growing consensus that carbon markets need clearer public policy, not just corporate interest, to scale. - The playbook responds to business calls for greater clarity, consistent guidelines and transparency on corporate use of carbon credits. - Coalition co-chairs from Kenya, Singapore and the UK said the playbook marks “the beginning of a new phase of policy implementation” to unlock more climate finance. - Their foreword said high-integrity carbon credit markets should be used “to the greatest extent possible” amid intensifying climate impacts and a more uncertain global context. - WBCSD said companies want to use high-integrity carbon credits as part of credible climate strategies, but need clear rules to invest with confidence. - SBTi said companies should still prioritize cutting their own emissions, while using high-integrity carbon credits as part of a broader carbon strategy.

What's next: - Ministers are scheduled to meet at a Coalition roundtable on November 16, with support from the Türkiye COP31 Presidency, to deepen cooperation on carbon market growth. - The UK said it will publish its response to the Voluntary Carbon and Nature Markets consultation and issue market guidance for UK organizations in spring 2027. - The UK also said it will recognize the Paris Agreement Crediting Mechanism and the ICVCM Core Carbon Principles as key global integrity benchmarks. - The UK will add a new $1 million CORSIA access programme to its carbon markets support portfolio. - The Coalition said it will keep advancing policy development and implementation in 2027, with more technical guidance to follow.

The bottom line: - COP31 produced a clear push for governments to move from carbon market pledges to policy execution, with a focus on integrity, consistency and investor confidence.