More than a year on from the formal adoption of Article 6 at Glasgow, little progress has been made in the establishment of a unified trading system for carbon credits. Meanwhile, even as interest in the voluntary carbon markets has continued to grow—particularly within the private sector—the global energy crisis has drawn industry attention elsewhere, while both investment and prices have stumbled. Are these just the growing pains of a fledgling market? What more is needed for the carbon markets to deliver carbon finance where it is needed in the drive toward net zero? How can these markets scale to enable projects to deliver on environmental and social objectives beyond carbon savings?