Mathew Carr

COP31 Update: Carbon markets, CRCF, Lula’s lament, Greta

Here are the key developments and top stories emerging from the COP31 summit in Antalya over the past 24 hours:

Theme/Top Story Summary

Carbon Markets

15 countries released a joint statement on policy implementation to upscale global carbon credit markets. Meanwhile, negotiators noted there is currently “no appetite” to alter the Article 6.2 rulebook at this summit.

Argus: And UN Trade and Development (UNCTAD) plans to launch a “global carbon market network” at Cop 31 today, it said this week, designed to connect existing carbon markets and initiatives — both voluntary and compliance — by convening exchanges, financial institutions and other market participants. 

Here are the latest developments regarding the EU’s Carbon Removals and Carbon Farming (CRCF) framework, including news emerging from the ongoing COP31 summit:

  • First Credit Issuance Targeted for Early 2027: Speaking at a COP31 panel, an executive from a Finnish carbon removal certifier announced that the company hopes to issue its first credits under the CRCF framework in the first half of 2027.
  • Surge in Certifier Applications: A European Commission official confirmed that nine certification schemes have already formally applied for recognition under the CRCF, with more applications expected shortly.
  • Hybrid Baselines for Forest Carbon: The European Commission is developing a new workstream under the CRCF that proposes a “hybrid approach” to calculating carbon baselines across the bloc’s varied forest ecosystems.
  • Funding Calls Aligned with CRCF: The EU has launched three new calls for proposals under the Horizon Europe program specifically aligned with CRCF regulations, targeting living labs for ecosystem restoration and carbon farming scale-ups.
  • 2027 Accelerator Priorities: Complementing the CRCF rollout, the EU has officially named carbon removal and CO2 utilization as priorities for the first time in the upcoming 2027 EISMEA Accelerator Challenges to help drive private CDR (Carbon Dioxide Removal) purchasing and infrastructure.

Global Leaders

UN Secretary-General António Guterres delivered a sharp warning to the leaders’ summit, stating that “fossil fuels must go the way of the dinosaurs”. Brazil’s President Lula lamented that global attention has shifted away from the climate crisis and toward defense.

Energy Pledges

Five nations backed a plan to double global rooftop solar by 2030. However, broader global energy pledges are facing significant hurdles from climate finance disputes and petrostate opposition, with only a dozen nations fully prepared to sign.

City-Level Action

London Mayor Sadiq Khan, co-chairing the C40 Cities network, pledged to ensure all member cities (representing nearly 1 billion people) have early warning systems in place by the end of 2027, stressing that “delay is not an option”.

Host Contradictions

While hosting the climate summit, Turkey’s celebration of discovering two new oilfields has raised eyebrows among international delegates.

Key Figures

Climate activist Greta Thunberg arrived at the summit warning that “everything and everyone we love is at stake”. On the corporate side, ExxonMobil’s CEO is missing the UN climate talks for the first time in three years.

Here are the links to the key reporting from the past 24 hours:

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