South Korea plans to launch the Global Verified Carbon Market (GVCM) next year, a platform for trading international greenhouse gas reduction credits. The market will record core data on blockchain, including project operators, reduction volumes, and methodologies, while keeping other information in standard databases. Credits will come in two forms: GVCM A for regulatory compliance and voluntary ESG use, and GVCM NA for voluntary use only. The government will seek participating countries at COP31 and is talking with the World Bank and Green Climate Fund about converting existing project credits. The design includes direct involvement from developing countries in governance. If linked with South Korea's domestic emissions trading scheme, the GVCM could become a significant channel for Article 6 aligned carbon trading.
