The legitimation of contested carbon markets after Paris – empirical insights from market stakeholders

After the Paris Agreement the global carbon offset markets face regulatory uncertainty and new legitimation challenges. This paper examines the discursive legitimation of the carbon markets between 2015 and 2018 and is based on 37 qualitative interviews with market stakeholders. The results show that the carbon markets remain contested and require new ideas and concepts to construct legitimacy. Some stakeholders consider moving beyond carbon offsetting, mainly due to new risks of double counting. Others continue to portray carbon offsetting as a ‘false solution’. Nevertheless, the trust in carbon markets as an appropriate way to address climate change remains high. Therefore, new forms of international emission trading are likely to evolve under Article 6 of the Paris Agreement.