How COP28-like forums can build global regulations for carbon markets

With carbon markets holding the potential to mobilize real climate action, forums such as COP28 could bring us a step closer to regulation and standardization.

One of the interesting solutions to be discussed before, at or even after COP28 is carbon markets. Until now, carbon markets have largely been a grey area for a wide variety of reasons, including the lack of a common view on what emissions to consider, how to validate and verify bilateral trading of carbon credits and how to create a globally regulated market. However, since COP26, nations have shown a greater intent towards making carbon markets viable and making carbon offsets a part of international trade. The global carbon market value hit a record US$909 billion in 2022.