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27th week CCM 2026. Week of governance. Carbon credits: unprecedented global legal progress; COP31; Pacific; Article 6 consultations; registration for COP31 and GHG Conference
- Art Dam
- 10 hours ago
- 5 min read
Monday, 06 July 2026.
27th Week Carbon Credit Markets in 2026.
If you’d like, read the article while listening to any Carbon Credit Markets song you choose.
Carbon credits, UNIDROIT working group – international organization founded in 1926 dedicated to the harmonization of private law – advances the definition of verified carbon credits - rivalrous, identifiable, and controllable assets - reinforcing the distinction between registered holder and beneficial owner, minimum requirements for registries, and acceptable tokenization models. The group consolidated the snapshot approach, discussed revocation due to fraud or absolute nullity, and addressed overissuance. The texts will soon proceed to international public consultation.
Other highlights include the unprecedented division of leadership for COP31, with Turkey taking charge of logistics and the political agenda, while Australia assumes exclusive authority over all technical negotiations - which are to be concluded by consensus. Furthermore, the Pacific region takes center stage by hosting the Pre-COP31, shaping the climate narrative, and securing a special session on financing for Small Island Developing States.
Briefs and Opportunities highlights three avenues for immediate participation: the UNFCCC is accepting input on the Draft Mechanism Registry Procedure until July 7 and the Draft Sustainable Development Tool until July 28; COP31 - scheduled for November 9-20 in Antalya - has opened registration for Stakeholder Engagement and Side Events, including the Turkey Pavilion; and in Brazil, the 2nd GHG Inventory Conference on July 24 will feature, among other sessions, a talk titled "COP30: Definitions and Implications," linking recent outcomes to the path toward COP31.
In addition to a list of relevant events.
Carbon Credits
UNIDROIT deepens discussions on the legal nature of carbon credits with a focus on registries
Between 15 and 17 April 2026, UNIDROIT advanced the development of the Principles on the Legal Nature of Verified Carbon Credits (VCCs). The session addressed central topics: registries, creation, transfer, cancellation, ownership, insolvency, tokenisation, and the prevention of double issuance.
Experts emphasised that the registered holder is not, by definition, the beneficial owner, and that this distinction should be expressly reflected in the text. Debates highlighted the need for minimum obligations for registry operators, including duties that cannot be contractually excluded. Movement between registries was analysed as a process of cancellation followed by re‑issuance, preventing the coexistence of credits representing the same mitigation outcome. The extinction of a registry does not imply the extinction of the VCC. Data preservation was considered a matter for national legislation.
The discussion on tokenisation examined four models and assessed their compatibility with the registry‑based system. The group decided to remove the former enforcement principle, leaving the matter to applicable law.
The session also addressed interaction with the HCCH - Hague Conference on Private International Law, responsible for rules on jurisdiction and conflict of laws, stressing that jurisdictional matters remain outside UNIDROIT’s mandate.
The meeting concluded with guidance for final adjustments and preparation of the text for international public consultation, consolidating the legal structure of VCCs as an asset system dependent on clear rules of ownership, registration, and transnational governance.
UNIDROIT consolidates Verified Carbon Credits as a “rivalrous asset” and advances toward international public consultation
Held on 16 June 2026, the ninth session of the UNIDROIT Working Group on the Legal Nature of Verified Carbon Credits (VCC) consolidated decisive progress in the legal architecture of VCCs, with a focus on redefining the asset, addressing revocation, managing overissuance, and preparing the text for international public consultation.
The Working Group examined three definitional models and converged on the snapshot approach, under which a VCC comes into existence if, at the moment of creation, all creation requirements are satisfied - and subsequent events, such as reversals, do not affect its legal existence. The new model introduces revocation only in two exceptional cases: deliberate wrongdoing (fraud) and complete nullity (the total absence of creation requirements).
The session also discussed the treatment of “innocent overissuance”, maintaining that the VCC remains valid from a property‑law perspective, while recognising that crediting bodies (CBs) and registries may adopt compensation or substitution mechanisms. The Working Group reaffirmed that the VCC continues to be a rivalrous - that cannot be shared without the loss of legal exclusivity -, identifiable, and controllable asset, but may represent a substituted mitigation outcome, provided that such substitution is verified and approved under CB rules, thereby preserving integrity and avoiding double counting.
The session concluded with guidance for final adjustments, reaffirming that the instrument must be technically robust, legally coherent, and aligned with the scalability needs of the voluntary carbon market.
Others Highlights
COP31: Following COP30 in Brazil, geopolitics drives an unprecedented arrangement, separating the leadership of the negotiations from the event's presidency.
The UNFCCC’s arrangement for COP31 establishes an unprecedented division of roles: Turkey, as COP President, handles logistics, ceremonies, and the political agenda, while Australia - appointed President of Negotiations - holds exclusive authority to steer all texts, consultations, and technical decisions, as well as to organize the Pre-COP in the Pacific. This marks the first time a non-host country has fully led the negotiations. Having played a leading role during COP30 in Belém - “Fiji Islands: From the Courts to the COP - How the decision of the ICJ International Court of Justice influences climate negotiations” - Pacific Island nations have become strategic partners by defining the Pre-COP venue, shaping the climate narrative, and securing a special session on financing for Small Island Developing States (SIDS). The bilateral agreement between Turkey and Australia - permitted under UNFCCC rules - formalizes the delegation of negotiation leadership, designates Australia as COP Vice-President, and mandates consensus in the event of disagreements. The primary objective is to strengthen the Pacific’s leadership role, highlight its climate diplomacy, leverage Australian expertise, and allow Turkey to focus on organizing the event itself.
Briefs & Opportunities
Contribute to the advancement of Article 6: two public consultations are open:
To participate in the review of the Draft Mechanism Registry Procedure, submit comments by July 7, 2026:
And to participate in the consultation on the Draft Sustainable Development Tool, please submit your contributions by July 28, 2026.
Participate in COP31: registration is open for Stakeholder Engagement and Side Events leading up to the major climate event taking place from November 9-20, 2026, in Antalya, Turkey, bringing together governments, academia, the private sector, and civil society.
Registration for Stakeholder Engagement is now available via the official form: COP31 Stakeholder Engagement - Expression of Interest Form.
And for those wishing to propose activities at the Turkey Pavilion, applications for Side Events can be submitted here: COP31 Turkey Pavilion - Expression of Interest Form.
2nd Brazilian GHG Inventory Conference: On July 24, 2026, in Curitiba, Brazil, Carbon Credit Markets will present the talk “COP30: Definitions and Implications,” highlighting outcomes, the current landscape, and connections to COP31. Register now to secure your spot.
Events
July
🇺🇸 16, Land Sector and Removals Guidance Launch. Webinar WRI.
🇯🇵 22, Strengthening Local Resilience to Planetary Crises: Scaling up Synergistic Solutions. Kobe, Japan, in-person and online.
🇧🇷 24, 2nd Brazilian Conference on Greenhouse Gas Inventory. Curitiba, Brazil.
August
🇧🇷 27 - 28, Brazilian Climate and Carbon Conference, Brazil NBS Alliance.
September
🇨🇳15, Carbon Market Conference. Open Coalition on Compliance Carbon Market, in Wuhan, China.
October
🇦🇿🇺🇳 5 - 9, UNFCCC Climate Week 2, Baku, Azerbaijan.
📅 October 07 & 08, Congress SAE BRASIL 2026, Pavilhão da Bienal – Parque Ibirapuera, São Paulo, Brazil
🇦🇺 October 20-21, Australasian Emission Reduction Summit, Adelaide, Australia
📅 October 28, Verra’s October 2026 Stakeholder Update Webinar
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