Four distinct groups of stakeholders can be distinguished in the carbon credit market :
- Regulators and governments
- Carbon registers and creators of recording standards
- Certification bodies
- Platforms and intermediaries
1. Regulators and governments:
Regulators and governments primarily ensure governmental and regulatory oversight; this principle is essential to the application and management of carbon credits in regulated, voluntary, and hybrid schemes.
As part of their core functions, they establish laws, decrees and carbon credit standards and, in addition, implement tax relief, subsidies and financing, as well as financing mechanisms, and approve and authorise bodies that certify and register.
a) international regulators
| Body | Main role |
| UNFCCC (UN Climate Change) | Oversees the mechanisms of the Paris Agreement (Article 6) and the Kyoto Protocol |
| ICAO (ICAO) | Regulates the CORSIA mechanism for international aviation |
| World Bank | Supports carbon markets through initiatives like the Carbon Pricing Dashboard |
b) European regulators
| Body | Main role |
| European Commission | Manages the EU ETS and the future CRCF register |
| ETS National Administrators | Local monitoring of quotas and carbon accounts |
| EUTL (EU Transaction Log) | Verifies and authorizes carbon transactions in the EU |
c) National regulators (outside the EU)
| Country / Region | Main regulator |
| United States (RGGI) | State administrations (e.g., NY DEC, MA DEP) |
| California | California Air Resources Board (CARB) |
| China | Ministry of Ecology and Environment (MEE) |
| South Korea | Korea Environment Corporation (KECO) |
| Morocco | Energy Investment Company (SIE) |
2. Carbon registers and creators of recording standards:
Carbon registersThese are official or private databases that ensure the traceability, transparency, and integrity of carbon credits. They allow each credit to be tracked from its creation to its use or cancellation, guaranteeing that it is only counted once.
Here are some examples:
| Register name | Market type | Key features |
| EU ETS / EU EQS | Regulated (Europe) | Managed by the European Commission, industrial quotas |
| EUTL (EU Transaction Log) | Regulated (Europe) | Carbon transaction log |
| Verra (VCS Registry) | Voluntary | REDD+ projects, agriculture, renewable energy |
| Gold Standard Registry | Voluntary | Social and environmental co-benefits |
| Low-Carbon Label (France) | Hybrid | Certified French projects, public register |
| EcoTree Registry | Voluntary | Reforestation, tree traceability and carbon credits |
| California Cap-and-Trade Registry | Regulated (United States) | Managed by the Air Resources Board |
| K-ETS Registry (South Korea) | Regulated | Strict national register |
3. Certification bodies
Carbon credit certification and verification bodies guarantee the environmental, social, and technical integrity of greenhouse gas reduction or sequestration projects. They intervene at various stages to validate, audit, and certify carbon credits before they are recorded in an official registry.
Here are some examples:
| Organization / Standard | Market type | Key features |
| Vera (VCS) | Voluntary | Robust methodologies, REDD+ projects, energy, agriculture |
| Gold Standard | Voluntary | Strong emphasis on social co-benefits and SDGs |
| Climate Action Reserve | Volunteer / US | North American projects, methodological rigor |
| American Carbon Registry | Volunteer / US | Various sectoral methods, compatible with Article 6 |
| SIE (Morocco) | State / hybrid | Final verification of Moroccan carbon credits |
| UNFCCC (UN Climate Change) | Regulatory | Supervises CDM and Article 6.43 projects |
4. Platforms and intermediaries
Carbon credit trading platforms and intermediaries are the infrastructures that allow businesses, governments and individuals to buy, sell or trade carbon credits in a transparent, secure and compliant manner with international standards.
Here are some examples:
| Platform | Market type | Key features |
| Carbon Trade Exchange (CTX) | Voluntary | Blockchain integration, real-time trading |
| Climate Impact X (CIX) | Volunteer / hybrid | Supported by Temasek and DBS, certified projects |
| AirCarbon Exchange (ACX) | Volunteer / Article 6 | Carbon credit tokenization, ITMO compatible |
| Carbonplace | Voluntary | Interconnected banking platform, enhanced traceability |
| Xpansiv | Volunteer / ESG | Environmental data integrated into financial assets |
| ClimateTrade | Voluntary | Direct purchase from sustainable projects, blockchain |