Ecobiz.asia – Türkiye, Ghana and Luxembourg have joined the Coalition to Grow Carbon Markets, bringing the number of participating governments to 14 and signaling growing political support for expanding high-integrity carbon credit markets ahead of the COP31 climate summit.
The coalition, co-chaired by the United Kingdom, Singapore and Kenya, was launched in 2025 to strengthen corporate demand for high-integrity carbon credits and mobilize private climate finance. It estimates that well-functioning carbon markets could unlock more than US$50 billion annually by 2030 for global climate action.
Türkiye’s accession is particularly significant as the country will host the COP31 United Nations Climate Change Conference later this year in Antalya, where climate finance is expected to be a central theme of negotiations.
Türkiye’s Environment, Urbanization and Climate Change Minister and COP31 President, Murat Kurum, said coordinated international leadership is needed to unlock the full potential of carbon markets.
“Carbon credit markets are an important but underused tool to stimulate investment in climate mitigation. Türkiye is proud to join the Coalition to Grow Carbon Markets to provide greater clarity for businesses on the role of carbon credits and help mobilize investment in emissions reductions and removals,” Kurum said in a statement released by the Coalition on Thursday (August 6, 2026).
Türkiye’s membership builds on its first Climate Law, enacted last year, which established the legal foundation for the country’s carbon market.
The coalition said high-integrity carbon credits can complement corporate decarbonization efforts by financing emissions reductions and carbon removals while supporting renewable energy deployment and addressing emissions from sectors that are difficult to electrify.
Ghana also became the coalition’s third African member, reflecting growing interest across the continent in leveraging carbon markets to attract climate finance.
Deputy Minister for Lands and Natural Resources Yusif Sulemana said Ghana views environmental integrity as essential for the credibility of carbon markets.
“Our focus is now on scaling investment in carbon finance projects in Ghana. Integrity is critical to prevent greenwashing, and carbon markets must deliver real emissions reductions supported by sustainable carbon pricing,” he said.
Luxembourg, which has positioned itself as a financial hub for voluntary carbon markets, also joined the coalition.
Environment, Climate and Biodiversity Minister Serge Wilmes said the coalition’s shared principles emphasize the importance of high-integrity carbon credits that deliver environmental and social benefits while complementing rapid corporate decarbonization.
“We look forward to working with other member governments to support the growth of high-integrity carbon markets that mobilize private finance and contribute to global emissions reductions under the Paris Agreement,” Wilmes said.
During London Climate Action Week, the coalition announced plans to publish a policy playbook at COP31 outlining practical policy options for governments to stimulate demand for high-integrity carbon credits.
The playbook will build on the coalition’s Shared Principles, released in 2025, which provide guidance on the appropriate role of carbon credits in corporate decarbonization strategies.
Rachel Kyte, the UK’s Special Representative for Climate and co-chair of the coalition, said the latest expansion reflects growing international recognition that governments have a critical role in scaling carbon markets.
“Türkiye, Ghana and Luxembourg’s decisions to join the coalition demonstrate growing international consensus that high-integrity carbon markets can play an important role in mobilizing private finance for emissions reductions, nature protection and sustainable development,” she said.
The coalition’s membership now comprises Canada, France, Indonesia, Kenya, New Zealand, Panama, Peru, Singapore, Switzerland, the United Kingdom, Zambia, Türkiye, Ghana and Luxembourg, bringing together both major suppliers and buyers of high-integrity carbon credits. ***
