Details

From 2 to 4 December 2025, the Experts’ Group (EG) on Carbon Markets met for the third time. The meeting, held in hybrid format, had over 50 registered delegates and other experts, representing 19 HCCH Members and seven Observers, in addition to members of the Permanent Bureau (PB) of the HCCH.

Pursuant to its mandate (C&D No 18 of CGAP 2025), the EG made further progress on the study of the private international law (PIL) issues arising from carbon markets, with an initial focus on the possible inclusion of an applicable law provision in the draft UNIDROIT Principles on Verified Carbon Credits (“draft UNIDROIT Principles”).

The EG heard a report from the PB and from EG members about the recent developments and outcomes at COP30, including a report of the PB’s activities and participation. The EG then discussed the questions identified in the Issues Paper, including on safeguards, public policy and mandatory overriding rules, as well as jurisdiction, applicable law, recognition and enforcement and international cooperation mechanisms.

On 4 December, the EG participants attended a technical roundtable organised by the PB adjacent to the meeting. The EG heard from public and private sector experts who discussed recent practical developments in land-, innovation- and technology-based carbon projects, as well as contemporary issues arising from carbon markets, including questions that may be impacted by or have an impact on PIL, such as land tenure, safeguards for local communities, and project risk management.

The EG will present a report on the progress of its work to CGAP in March 2026.

More information on the Carbon Markets Project is available on the HCCH website.