Carbon markets are at a pivotal moment, as voluntary and compliance systems begin to converge into a more integrated global framework. Hybrid systems, where entities can use voluntary credits to meet part of their compliance obligations, are gaining traction. This convergence could reshape how climate finance flows globally, improving liquidity and transparency. But risks remain: policy misalignment, uneven quality standards and geopolitical fragmentation could undermine trust and slow progress. Can carbon market convergence truly unlock the scale of private capital needed for the net-zero transition? How can policymakers and companies ensure integrity and avoid greenwashing as markets expand? Will convergence deliver equitable finance flows to emerging economies or reinforce existing imbalances in global climate investment?