{"id":26680,"date":"2026-10-08T14:19:33","date_gmt":"2026-10-08T19:19:33","guid":{"rendered":"https:\/\/blogs.edf.org\/climate411\/?p=26680"},"modified":"2026-10-08T14:43:17","modified_gmt":"2026-10-08T19:43:17","slug":"building-regional-cooperation-and-real-demand-the-new-generation-of-interoperable-carbon-markets","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/climate411\/2026\/10\/08\/building-regional-cooperation-and-real-demand-the-new-generation-of-interoperable-carbon-markets\/","title":{"rendered":"Building Regional Cooperation and Real Demand: The New Generation of Interoperable Carbon Markets\u00a0"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li><strong>EDF convened leaders at New York Climate Week to take stock of a maturing carbon markets ecosystem. <\/strong>Emissions trading systems and carbon taxes cover 29% of global emissions and raised $107 billion for governments last year. However, average prices in these systems are still far below what is needed to meet the climate challenge \u2013 and rather than credit quality, demand is the bottleneck in voluntary carbon markets.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Interoperability is about trust, not one global market. <\/strong>Countries will keep using carbon markets and design them to meet their own priorities. EDF is helping build that trust through work with the ICVCM and Carbon Credit Quality Initiative, trainings like the International Carbon Action Partnership\u2019s Emissions Trading Summer Schools and policy analysis across its regional offices.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Last month at New York Climate Week, EDF convened experts from across the carbon market ecosystem to discuss one of the sector\u2019s most talked about topic: interoperability \u2013 namely, how we build trust across carbon markets. The discussion highlighted that carbon markets are becoming more mature, higher quality and increasingly interconnected, while underscoring the need for greater investment and emissions reductions to meet the urgency of the climate challenge.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Carbon markets are maturing&nbsp;<\/h2>\n\n\n\n<p>The first sign of this growing maturity is the continued expansion of carbon pricing worldwide. As Jamie Fergusson of the World Bank Group <a href=\"https:\/\/www.worldbank.org\/en\/publication\/state-and-trends-of-carbon-pricing\" target=\"_blank\" rel=\"noreferrer noopener\">noted<\/a>, direct carbon pricing instruments now cover nearly 30% of global greenhouse gas emissions. Carbon pricing generated more than $107 billion in public revenues globally in 2025, while emissions trading systems continue to gain momentum across jurisdictions.&nbsp;&nbsp;<\/p>\n\n\n\n<p>While this growth is encouraging, panelists emphasized that carbon prices remain too low to drive emissions reductions at the scale required.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A flight to quality is reshaping markets&nbsp;<\/h2>\n\n\n\n<p>A second trend is the growing premium being placed on quality. Several speakers described a clear &#8220;flight to quality&#8221; occurring across carbon markets. Rather than slowing market development, stronger integrity standards are helping unlock investment, government participation and buyer confidence.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Annette Nazareth, chair of the Integrity Council for the Voluntary Carbon Market (ICVCM), highlighted the role of robust standards in supporting market growth. Central to this effort has been the ICVCM\u2019s <a href=\"https:\/\/icvcm.org\/core-carbon-principles\/\" target=\"_blank\" rel=\"noreferrer noopener\">Core Carbon Principles (CCP)<\/a> label, which has helped establish international consensus around high-integrity carbon credits. Since its introduction, demand for CCP-labeled credits has increased, with a 19% price premium over non-CCP credits, reflecting greater confidence in their environmental integrity and risk management.&nbsp;<\/p>\n\n\n\n<p>The ICVCM\u2019s <a href=\"https:\/\/icvcm.org\/continuous-improvement-work-programs\/\" target=\"_blank\" rel=\"noreferrer noopener\">Continuous Improvement Work Program<\/a> ensures that the CCPs and the accompanying <a href=\"https:\/\/icvcm.org\/assessment-framework\/\" target=\"_blank\" rel=\"noreferrer noopener\">Assessment Framework<\/a> reflect the latest developments in carbon markets, from considering benefit sharing (how income is shared with local communities) to the increasing use of digital technology. A key topic is also permanence: how long removed or stored carbon stays out of the atmosphere, and how confident regulators can be that it won&#8217;t leak back out, like when a new forest is lost to forest fires. Innovations that build on tools from the financial market, like a permanence trust, could help spread risk more effectively than traditional buffer pools, which just hold back a share of credits. As compliance systems such as Singapore&#8217;s carbon tax begin allowing high-quality international credits based on ICVCM standards, the distinction between voluntary and compliance markets is becoming less pronounced, creating new opportunities for market integration and growth.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The challenge: Demand&nbsp;<\/h2>\n\n\n\n<p>&nbsp;While progress on quality has been significant, panelists stressed that the larger challenge is demand. &nbsp;Janet Peace, Senior Advisor and Co-Chair of the Business Advisory for Climate Action (BACA), said that the voluntary carbon market does not suffer from a shortage of credible credits. Instead, buyers continue to seek greater clarity about how credits should be used and what constitutes a credible climate claim. Panelists noted that stronger disclosure requirements, clearer claims guidance and growing compliance market demand are beginning to send stronger market signals. However, scaling demand remains critical.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Interoperability is about trust, not uniformity<\/h2>\n\n\n\n<p>These developments reinforce the importance of interoperability, the central focus of the discussion. Traditionally, we\u2019ve thought of interoperability as formally linked markets, like the recent <a href=\"https:\/\/www.edf.org\/media\/governor-newsom-announces-major-step-toward-linkage-california-and-washington-state-cap-and\" target=\"_blank\" rel=\"noreferrer noopener\">announcement<\/a> of major progress towards Washington state joining California and Quebec\u2019s linked cap-and-invest programs. Linking carbon markets will drive more emissions reductions, reduce air pollution at lower overall cost and lead to more market stability, flexibility and predictability for regulated companies.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Panelists emphasized that interoperability should not be understood as creating a single, fully harmonized global carbon market. Such an outcome is neither necessary nor likely. Countries will continue to pursue different policy objectives and market designs based on national circumstances. Instead, interoperability is fundamentally about building trust, compatibility and transparency across systems. That trust can be created through common standards, consistent accounting approaches, registry connectivity, mutual recognition arrangements, technical partnerships, bilateral agreements and, in some cases, formal market linking.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Regional cooperation is already demonstrating what this can look like in practice. From North America&#8217;s linked cap-and-invest systems to emerging market developments across Indonesia, India, Vietnam, T\u00fcrkiye and Southeast Asia, countries are increasingly exploring ways to coordinate while maintaining policy flexibility.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Ardhi Wardhana, Program Director of the Indonesia Climate and Growth Dialogue \u2013 a national platform supporting the country\u2019s green and climate priorities, highlighted Indonesia\u2019s efforts to strengthen governance, streamline registry systems and expand participation through its national carbon exchange (the IDX Carbon Exchange) and through new legislation. &nbsp;These initiatives illustrate a key lesson from the discussion: successful interoperability depends less on creating identical systems and more on creating compatible frameworks that enable confidence, cooperation and investment.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Turning market progress into climate impact<\/h2>\n\n\n\n<p>The conversation pointed to a carbon market landscape that is evolving in encouraging ways. Carbon pricing is expanding, integrity is increasingly rewarded and markets are finding new ways to collaborate across borders. The task ahead is to convert that progress into greater climate impact by strengthening demand, increasing ambition and ensuring growing market maturity delivers measurable emissions reductions.&nbsp;<\/p>\n\n\n\n<p>&nbsp;EDF is helping advance that transition by working across the <a href=\"https:\/\/www.edf.org\/what-are-carbon-markets\" target=\"_blank\" rel=\"noreferrer noopener\">carbon market ecosystem<\/a> to strengthen integrity, build trust and support practical approaches to interoperability. The organization has been an active contributor to efforts aimed at improving market quality and transparency, including engagement with the <a href=\"https:\/\/blogs.edf.org\/climate411\/2024\/09\/18\/carbon-markets-for-corporate-impact\/\" target=\"_blank\" rel=\"noreferrer noopener\">ICVCM<\/a> and the <a href=\"https:\/\/www.edf.org\/climate\/carbon-credit-quality-initiative\" target=\"_blank\" rel=\"noreferrer noopener\">Carbon Credit Quality Initiative (CCQI<\/a>).&nbsp;<\/p>\n\n\n\n<p>EDF also supports carbon pricing and carbon market development in major economies and emerging markets. Through initiatives such as the International Carbon Action Partnership\u2019s <a href=\"https:\/\/icapcarbonaction.com\/en\/summer-schools\" target=\"_blank\" rel=\"noreferrer noopener\">ETS Summer Schools<\/a>, EDF helps governments and market participants identify practical pathways for cooperation while respecting different national circumstances. Through initiatives such as the International Carbon Action Partnership\u2019s ETS Summer Schools, EDF helps governments and market participants identify practical pathways for cooperation while respecting different national circumstances.&nbsp;<\/p>\n\n\n\n<p>From supporting Article 6 implementation to advancing regional cooperation and interoperability, EDF\u2019s goal is to ensure carbon markets are not only more connected, but also more effective. As carbon pricing systems continue to mature, building confidence across markets will be essential to unlocking investment, increasing ambition and delivering emissions reductions at the scale needed to address climate change.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last month at New York Climate Week, EDF convened experts from across the carbon market ecosystem to discuss one of the sector\u2019s most talked about topic: interoperability \u2013 namely, how we build trust across carbon markets. The discussion highlighted that carbon markets are becoming more mature, higher quality and increasingly interconnected, while underscoring the need &#8230;<\/p>\n","protected":false},"author":153293,"featured_media":26681,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[],"coauthors":[108291,108290],"class_list":["post-26680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Building Regional Cooperation and Real Demand: The New Generation of Interoperable Carbon Markets\u00a0 - Climate 411<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.edf.org\/climate411\/2026\/10\/08\/building-regional-cooperation-and-real-demand-the-new-generation-of-interoperable-carbon-markets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Building Regional Cooperation and Real Demand: The New Generation of Interoperable Carbon Markets\u00a0 - Climate 411\" \/>\n<meta property=\"og:description\" content=\"Last month at New York Climate Week, EDF convened experts from across the carbon market ecosystem to discuss one of the sector\u2019s most talked about topic: interoperability \u2013 namely, how we build trust across carbon markets. 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