Scaling the global carbon markets

High-integrity carbon markets are critical to meeting global climate goals. Following COP29, where key decisions advanced the operationalisation of Article 6, this report examines the next steps for scaling international carbon markets—both under the Paris Agreement and through the voluntary carbon market (VCM). Building on our 2022 report Enabling the Voluntary Carbon Market in the Context of the Paris Agreement, this paper reflects on progress to date and refreshes our earlier recommendations. It identifies where further action is needed to strengthen legal clarity, improve market transparency, and ensure credit integrity.

The report provides practical guidance for stakeholders—including governments, standard-setters, and market participants—on how to unlock the full potential of both the VCM and Paris mechanisms. It outlines how, if implemented, these markets can operate in parallel to mobilise climate finance and support countries in achieving their national targets.

Published by Clifford Chance in collaboration with the City of London Corporation and the UK Carbon Markets Forum, the paper offers a roadmap to strengthen global carbon market infrastructure and increase their contribution to urgent climate action.