Abstract
Carbon markets are one of the mechanisms used to realize emission reduction commitments and promote the use of renewable energy. Within the scope of this study, evaluation of the Voluntary Carbon Markets in Turkey has been made, the market volume has been analyzed and suggestions have been presented for scaling up of this markets. In Turkey, many renewable energy projects have been developed in Voluntary Carbon Markets since 2005. Nonetheles, renewable power plant capacity that is registered in the Voluntary Carbon Markets is below Turkey's renewable power capacity. In 2019, Turkey's renewable power capacity was 44,774.6 MW, and the registered renewable project capacity in Voluntary Carbon Markets was 9,375.8 MW. The total amount of emission reductions of registered projects as of 2020 is 17.44 MtCO2 eq. Approximately 55% of the certificates issued using the Gold Standard have been redeemed. Companies should be encouraged to use the voluntary carbon markets for managing their carbon emissions. This incentive will ensure that these companies have a vision that attaches importance to environmental sustainability, and achieve carbon neutrality, while at the same time increasing the volume of voluntary carbon markets.