| Izvleček: | Countries around the world are developing carbon emissions markets as a governance mechanism to reduce greenhouse gas emissions and mitigate anthropogenic climate change. These markets are social institutions, designed to solve the transnational collective action problem of climate change. This article explores the development of carbon markets from an institutional perspective to understand how market networks specifically and social institutions in general are constructed. Drawing on seminal work by Richard Scott and Neil Fligstein, this article explores the way in which organizations build the institution of the carbon markets. As this article aims to demonstrate, a number of public and private organizations, rather than regulatory bodies, build and operationalize the market. The article analyzes how organizations develop the three pillars of the carbon market institution: regulative, normative and cultural-cognitive constructs. Since organizations build the institutional pillars of the carbon market network, the strength of the institution cannot be determined by regulation alone. Certainly regulation gives the carbon markets credibility, but their ability to become an institution of common practice relies on the strength and embeddedness of the organizations that build them. The article concludes by suggesting that the carbon market institution serves to communicate and disseminate a common social value of reducing emissions.
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