Turkey Says Carbon Markets to Take ‘Rightful Place’ at COP31

Turkey plans to make greater use of carbon markets a key objective at COP31 in November, arguing that they remain underused within the climate finance system. The country has joined the Coalition to Grow Carbon Markets, led by governments including the UK, Kenya and Singapore, to strengthen corporate demand for high-integrity carbon credits. Environment Minister and COP31 President Murat Kurum said governments can provide regulatory direction and create conditions that enable demand. He estimated that supportive policies could help the voluntary carbon market generate more than $50 billion in additional debt-free annual finance by 2030 for emissions reductions, removals and nature protection in developing economies. The initiative comes as carbon credit retirements fell 28% in July, reaching their lowest year-to-date level since 2021.
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