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Climate crediting mechanisms, like other carbon market mechanisms, enable entities, for which the cost of reducing emissions is high, to pay low cost emitters for carbon credits that they can use towards meeting their emission reduction obligations, or for voluntary or trading purposes. These mechanisms, e.g. the Clean Development Mechanism (CDM) https://unfccc.int/ put a price on carbon, helping to internalize the environmental and social costs of carbon pollution, and permit trading, which lowers the economic cost of reducing emissions.

The CDM, established under the Kyoto Protocol of the UNFCCC, is the largest global offset (or crediting) mechanism for greenhouse gases (GHGs). It provides the framework for developing country projects that reduce, avoid or sequester carbon emissions to earn Certified Emission Reductions (CERs)—tradable offsets (also called carbon credits) which can be sold to enhance a project’s financial viability https://cdm.unfccc.int/faq/index.html. Another Kyoto mechanism, Joint Implementation (JI) https://ji.unfccc.int/index.html, similarly provides for Emission Reduction Units (ERUs) to be sold by economies in transition

On 23 September 2019, the Secretary-General of the United Nations will host the Climate Action Summit in New York with the objective of boosting ambition and rapidly accelerate action to implement the Paris Agreement https://www.un.org/en/climatechange/

About Carbon credits:

Regulator

Regulator: the Government entity (or entities) mandated by law to regulate and govern the carbon market. Functions include establishing the parameters for the market and its regulation, including defining the scope of the market and the rules for creating and distributing emission units, establishing registries, issuing credits, and setting rules for enforcement, trading, and accrediting certain types of market participants such as auditors. The regulatory role includes: conducting inventories; establishing the cap; allocating allowances; setting and enforcing penalties; and in some cases, establishing linkages with other ETSs and/or offset mechanisms.

Covered Entity

Covered Entity: an entity required to comply with the emissions cap.

Seller: a primary or secondary seller of allowances. In the “primary” market, a covered entity whose emissions are lower than its allocation may sell excess allowances. After the initial purchase and sale, “secondary” market participants may buy or sell emission units on the market, subject to established rules. Sellers must demonstrate legal ownership, which they transfer to the buyers. Buyer: a purchaser of allowances. This can be for compliance, market making, speculation, or voluntary purposes.

Traders / market makers

Traders / market makers: entities offering trading platforms for allowances, execution of trades on behalf of buyers and sellers, and/or the purchase or sale of allowances on their own account or on behalf of others. Other stakeholders: In addition, public and private stakeholders may include government negotiators, government agencies, public and/or private auditors, financial institutions, technology vendors, the community affected by the activities of a covered entity/project, Nongovernment Organizations (NGOs) and consultants.
Other relevant terminologies associated with carbon credit markets can be accessed here
https://www.investopedia.com/terms/c/carbon_credit.asp