<abstract> <p>This paper reviews circumstances where governance arrangements and organizational innovations assign value to carbon emission mitigations or energy demand reductions. The creation of such value hinges upon 1) the effective governance of financial mechanisms to create demand; and 2) the ability of organizations to assetize and supply carbon emission mitigations and energy demand reductions as commodified private goods. To analyse the political and organizational governance of such demand and supply systems, this paper uses insights from transaction cost economics. On the demand side, transaction costs are reduced through the innovative governance of markets at national level, such as white certificate markets for energy savings, and international level, such as baseline-and-credit systems for carbon emissions reductions. Strict rules regarding accountability, transparency, measurement, reporting, verification, and inclusion reduce transaction costs for organizations to assetize reductions and mitigations on the supply side. Despite limited success to date, these innovations provide the basis for international carbon emissions mitigation governance through climate clubs based on Article 6 of the Paris Agreement. This paper concludes that such clubs provide the basis for creating consistent demand for carbon emission mitigations and associated energy demand reductions through the positive pricing of mitigation actions.</p> </abstract>