On the achievement side, carbon markets have proven their ability to mobilise capital efficiently, incentivise emissions reductions and support innovation across energy, industry and land-use sectors. Regulated systems are becoming more mature, while voluntary markets continue to evolve, supported by improvements in transparency, digital MRV solutions and growing international cooperation.
At the same time, significant challenges remain. Fragmentation across jurisdictions, uneven regulatory ambition and persistent concerns around integrity and credibility risk limiting the effectiveness of carbon markets. Ensuring trust, liquidity and meaningful price signals will be essential if markets are to scale at the pace required to meet global climate objectives.
Looking ahead, the report underscores the importance of clearly defined regulatory elements to consolidate carbon markets in the coming years. These include robust and harmonized MRV standards, consistent accounting rules, stronger governance frameworks, mechanisms to connect markets internationally, and policy certainty that supports long-term investment. A balance between innovation and regulation will be critical to avoid fragmentation while enabling technological progress.
At Vertis Environmental Finance, we see The New Carbon Order as a key reference for understanding how carbon markets can mature into a credible, efficient and durable pillar of the global transition to a low-carbon economy, provided that regulation, integrity and cooperation remain firmly at the center of market design.
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