Abstract
Issue fields are dynamic arenas where actors converge to address shared issues, seeking consensus through field settlements established by public or private actors at local or global levels. In fields tackling grand challenges like climate change, global settlements are often advocated to harmonize efforts across jurisdictions. While prior research has explored settlement constellations and field evolution, we know surprisingly little about how global settlements shape the emergence and trajectory of issue fields. Drawing on a historical study of the carbon offsetting field, we examine how the Clean Development Mechanism (CDM) catalysed the field’s emergence by providing foundational structures and legitimacy while also triggering fragmentation, governance gaps, and field de-legitimation. We highlight how governance mechanisms were adapted to these challenges, ultimately driving settlement convergence and field stabilization. By doing so, we advance our understanding of global settlements as both enablers and disrup- tors, showing how they foster legitimacy and practices while simultaneously fuelling fragmentation, reshaping fields, and their ability to address grand challenges.