Türkiye, Ghana and Luxembourg join carbon markets coalition ahead of COP31

Türkiye, Ghana and Luxembourg have joined The Coalition to Grow Carbon Markets, lifting membership to 14 governments as COP31 approaches in Türkiye. The coalition is preparing a policy playbook for the summit aimed at boosting demand for high-integrity carbon credits and unlocking more private climate finance.

Why it matters: - The Coalition to Grow Carbon Markets is trying to expand corporate demand for high-integrity carbon credits. - The group says stronger demand could help unlock more than USD$50 billion in additional climate finance each year by 2030. - Türkiye’s entry matters because the country is hosting COP31, where finance and implementation are expected to be central issues. - Ghana’s move adds another African government to a market framework that is growing across the continent. - Luxembourg’s membership adds a European finance hub with experience in voluntary carbon markets.

What happened: - Türkiye, Ghana and Luxembourg joined The Coalition to Grow Carbon Markets on August 6, 2026. - The coalition now includes 14 member governments. - The initiative launched a year ago with five members. - Türkiye is the host of this year’s UN climate talks and COP31. - Ghana becomes the third African government in the coalition. - Luxembourg joined through the Luxembourg Sustainable Finance Initiative, which is acting on behalf of the government.

The details: - The coalition is a government-led initiative focused on strengthening demand for high-integrity carbon credits. - The group includes countries that represent both demand and supply for carbon credits. - Türkiye linked its membership to a new Climate Law enacted last year that created a legal basis for its carbon markets. - Murat Kurum said carbon credit markets are an important but underused tool for climate mitigation and can help provide clarity to businesses. - Kurum also said high-integrity carbon credits can support electrification, the energy transition and emissions that cannot be electrified in the near term. - Ghana said its focus is on scaling investment in carbon finance projects and avoiding greenwashing through integrity and sustainable carbon pricing. - Luxembourg said the coalition’s Shared Principles emphasize high environmental integrity, public disclosure, co-benefits for people and nature, and use of credits only alongside rapid corporate decarbonisation. - The coalition’s current members include Canada, France, Indonesia, Panama, Peru, Switzerland, New Zealand, Zambia, and co-chairs Kenya, Singapore and the UK.

Between the lines: - Türkiye’s membership gives the coalition added visibility heading into a COP where the presidency wants to emphasize implementation over rhetoric. - The new members reflect a broader effort to make carbon credits more credible by tying them to clearer rules, transparency and corporate decarbonisation plans. - The coalition is also positioning carbon markets as a way to protect competitiveness while still steering private capital toward climate action. - Rachel Kyte said the new memberships show a growing international consensus that governments need to unlock the potential of high-integrity carbon credit markets.

What's next: - The coalition plans to publish a policy playbook at COP31. - The playbook will lay out policy options designed to drive demand for high-integrity carbon credits. - The coalition says the playbook will help countries act on its Shared Principles released last year. - The output is meant to support national implementation and accelerate climate solutions during a COP focused on practical policy delivery.

The bottom line: - The coalition is gaining members as governments look for tools that can channel private finance into emissions cuts, nature protection and sustainable development.