INTERNATIONALENERGYFORUMThe Role of Carbon Markets in TransitionsA Report by the International Energy ForumMarch 2024Written and produced byAli Alsamawiali.alsamawi@ief.orgAbout the International Energy ForumThe International Energy Forum (IEF)is the world's largest international organization ofenergy ministers from 72 countries and includes both producing and consuming nations.The IEF has a broad mandate to examine all energy issues,including oil and gas,clean andrenewable energy,sustainability,energy transitions and new technologies,datatransparency,and energy access.Through the Forum and its associated events,officials,industry executives,and other experts engage in a dialogue of increasing importance toglobal energy security and sustainability.AcknowledgementI would like to extend my sincere thanks to my colleagues at the IEF for their valuable inputsand suggestions during the development stages of this report.A special thanks is ownedalso to the colleagues from Japan Organization for Metals and Energy Security and theAdvisory Body of Article 6 of the Paris Agreement for their insightful comments.