The governments of Singapore, the United Kingdom, and Kenya announced the formation of The Coalition to Grow Carbon Markets, a pioneering government-led alliance aimed at strengthening voluntary demand for carbon credits and scaling climate finance globally.
The coalition, announced on June 24, 2025, seeks to issue a clear set of shared principles on the use of high-integrity carbon credits by businesses by COP30, scheduled for November 2025 in Brazil, providing unified guidance to boost corporate confidence and investment in carbon markets.
Co-chaired by Kenya’s Special Climate Envoy Ali Mohamed, Singapore’s Ambassador for Climate Action Ravi Menon, and the UK’s Special Representative for Climate Rachel Kyte, the coalition includes founding members France and Panama, with Peru endorsing the initiative.
The coalition aims to unlock up to $250 billion in climate finance by 2050 by channeling private capital to climate-positive projects in emerging markets and developing economies, supporting sustainable agriculture, clean energy, and nature conservation without increasing debt burdens.
This initiative responds to growing corporate demand for clarity and integrity in carbon credit use amid concerns of greenwashing and inconsistent regulations. By establishing shared principles, the coalition intends to restore trust, encourage deeper corporate decarbonization, and accelerate global climate action.
The coalition will also collaborate with business groups like the International Chamber of Commerce and the World Business Council for Sustainable Development to ensure policies align with industry needs.
The Coalition to Grow Carbon Markets represents a bold step toward closing the $1.3 trillion climate finance gap and fostering a transparent, high-integrity voluntary carbon market essential for meeting global net-zero goals