COP31: Fourteen Nations Sign Antalya Statement to Grow Carbon Markets to $21 Billion by 2035

Antalya, Türkiye — Fourteen countries have signed a joint declaration at COP31 pledging to turn carbon credit markets into a major source of private climate finance, with analysis cited by the organisers suggesting supportive government policy could quadruple the market to US$21 billion by 2035.

The Antalya Statement, issued on 12 November by the Coalition to Grow Carbon Markets, was signed by ministers and climate envoys at the United Nations climate talks in Antalya. In the statement, the signatories said carbon credit markets “play an important role in directing capital to climate action and climate-positive growth,” adding that “what matters now is implementation.”

The announcement came on Finance and Trade Day at COP31, a day also recognised informally as Carbon Markets Day, as finance and implementation dominate the second week of the talks.

What the Antalya Statement promises

The statement unites the signatory countries behind the role of carbon credit markets in delivering private finance for climate action. The 14 signatories are Canada, France, Indonesia, Ireland, Italy, Kenya, Luxembourg, New Zealand, the Philippines, Singapore, Switzerland, Türkiye, the UK and Zambia.

“The Antalya Statement is a clear recognition of the important role of carbon credit markets in supporting the climate finance architecture,” said H.E. Murat Kurum, Türkiye’s Minister of Environment, Urbanisation and Climate Change. “Globally aligned, high-integrity carbon credit markets support the achievement of climate goals and the implementation of COP31 priorities, including the Climate Implementation Bridge goal, which aims to scale up climate investment delivered on the ground.”

Egypt and Ireland also announced they will join the Coalition to Grow Carbon Markets, becoming its 15th and 16th members. The Coalition, a government-led initiative, has tripled its membership since it launched in June 2025.

The Policy Playbook: eight levers for governments

The Antalya Statement marked the launch of a Policy Playbook, which sets out eight effective policy levers governments can use to grow corporate demand for high-integrity carbon credits. The Playbook was released at the Singapore Pavilion in Antalya, and the signatories described it as “a vital tool for government climate action.”

The Playbook is designed to help countries grow demand for carbon credits, foster consistency across policy approaches and give businesses the confidence to invest. It builds on the Shared Principles the Coalition issued at COP30 last year, and responds to calls from businesses for greater clarity, consistent guidelines and transparency from governments on the corporate use of carbon credits.

“Companies want to use high-integrity carbon credits as part of credible climate strategies, but they need clear rules to invest with confidence. WBCSD welcomes this Playbook as a practical guide for governments to establish those rules,” said Peter Bakker, President and CEO of the World Business Council for Sustainable Development.

What the UK announced alongside the statement

Alongside signing the statement, the UK announced it is publishing its response to the Voluntary Carbon and Nature Markets consultation. It will issue market guidance for UK organisations in spring 2027, recognise the Paris Agreement Crediting Mechanism and the Integrity Council for the Voluntary Carbon Market’s Core Carbon Principles as the key global integrity benchmarks, and add a new $1 million CORSIA access programme to its carbon markets support portfolio.

“Across the world, families have lost loved ones and communities have been displaced by extreme weather caused by the climate crisis. We need international climate action now,” said Katie White, UK Minister for Climate Transition. “That is why I am endorsing the Antalya Statement and the Policy Playbook to accelerate demand for high-integrity carbon markets and unlock vital finance for climate action.”

Why carbon markets matter — and the integrity question

Carbon credits channel private money to projects that cut or remove greenhouse gas emissions, from protecting forests to capturing carbon. At COP31, African leaders have been pressing the case for earning more from forests: Ghana announced about 6.5 million forest carbon credits issued under the Architecture for REDD+ Transactions’ TREES standard, paving the way for expected initial payments of about US$43 million from buyers including the LEAF Coalition.

Demand is growing. MSCI reported that global carbon-market investment and offtake deals reached $22 billion in 2025. But quality remains the central concern: a June 2026 study from the Grantham Research Institute found that just 1.2 percent of contracted durable carbon removal had been delivered by the end of 2025.

“The development of carbon markets is essential to meeting international climate objectives. While the priority is for companies to reduce their own carbon footprints, they can also make very useful contributions through the purchase of high integrity carbon credits, as part of a holistic carbon strategy,” said David Kennedy, CEO of the Science Based Targets initiative.

Separately, negotiations over funding under Article 6.2 of the Paris Agreement — the rules for international carbon trading agreed at COP29 — resumed at COP31 on Thursday, though delegates remain far from agreement on whether the money should come from the core United Nations climate budget or from user fees. The International Emissions Trading Association’s daily report from Antalya noted “how much more attention there is on carbon markets” at this year’s talks.

FAKTA

• Fourteen countries signed the Antalya Statement at COP31 on 12 November 2026: Canada, France, Indonesia, Ireland, Italy, Kenya, Luxembourg, New Zealand, the Philippines, Singapore, Switzerland, Türkiye, the UK and Zambia.
• Analysis cited by the Coalition says supportive government policy could quadruple the carbon credit market to US$21 billion by 2035.
• A new Policy Playbook sets out eight policy levers for governments to grow corporate demand for high-integrity carbon credits.
• Egypt and Ireland announced they will join the Coalition to Grow Carbon Markets, becoming its 15th and 16th members. The Coalition has tripled its membership since launching in June 2025.
• Ministers will meet at a Coalition roundtable, supported by the Türkiye COP31 Presidency, on Monday, 16 November.
• The UK will publish carbon market guidance in spring 2027 and recognises the Paris Agreement Crediting Mechanism and the ICVCM Core Carbon Principles as key integrity benchmarks.

What happens next

Ministers are due to convene at a roundtable hosted by the Coalition, with the support of the Türkiye COP31 Presidency, on Monday, 16 November, to deepen international cooperation on growing carbon credit markets. The Coalition said it will keep developing policy and pushing implementation in 2027, with further technical guidance building on the Playbook’s levers.

The statement lands in a week when COP31 has already heard calls for delivery over pledges — from the Climate Law and Governance Day in Antalya to the summit’s wider climate action agenda. Whether the Playbook’s levers now become domestic policy in the signatory countries will decide if the $21 billion figure becomes a real flow of finance — or another conference promise.

Frequently asked questions

What is a carbon credit?

A carbon credit is a tradable certificate representing one tonne of carbon dioxide equivalent that has been avoided, reduced or removed from the atmosphere by a project — for example, protecting a forest, restoring mangroves or capturing carbon. Companies buy credits to address emissions they cannot yet eliminate themselves.

What is the Antalya Statement?

It is a joint declaration signed by 14 countries at COP31 in Antalya on 12 November 2026, issued by the Coalition to Grow Carbon Markets. It commits the signatories to use government policy to grow demand for high-integrity carbon credits, and launched a Policy Playbook with eight practical policy levers.

Which countries signed the Antalya Statement?

Canada, France, Indonesia, Ireland, Italy, Kenya, Luxembourg, New Zealand, the Philippines, Singapore, Switzerland, Türkiye, the UK and Zambia. Egypt and Ireland also announced they will join the Coalition itself, becoming its 15th and 16th members.

What does the $21 billion figure mean?

It is a market-size projection, not a pledge of money. Analysis cited by the Coalition says supportive government policy could grow demand for carbon credits and quadruple the current value of the market to US$21 billion by 2035.

What happens next at COP31?

Ministers meet at a Coalition roundtable on Monday, 16 November, backed by the Türkiye COP31 Presidency. Negotiations on funding under Article 6.2 of the Paris Agreement continue, and the Coalition will publish further technical guidance in 2027 to help governments turn the Playbook into domestic policy.