The newly released 2025 State of the Voluntary Carbon Market report by Ecosystem Marketplace reveals that 2024 marked a turning point for carbon markets.
Although overall credit liquidity continues to slow following the 2021 surge, this deceleration appears to be stabilizing. Buyers are increasingly shifting toward recent vintages and high-quality carbon removal credits. In particular, there’s growing demand for project types like:
- Improved Forest Management (IFM)
- Afforestation/Reforestation-Revegetation (ARR)
- Community-based projects (e.g., Cookstove Distribution)
- Engineered carbon removal (e.g., Biochar Production)
These credits consistently trade at above-average prices, forming the “upper tier” of the market.
The report also offers an early look at how the ICVCM’s Core Carbon Principles (CCP) are influencing pricing, with preliminary signs suggesting CCP-aligned credits may begin to command a premium.
Key insights from the report include:
- Detailed transaction volume and price data by credit type, standard, and geography.
- A new cost curve for 2024 that illustrates the emerging price differentiation between legacy and next-generation credits.
- Signs that ambitious buyers are seeking quality over volume, helping to fund the infrastructure needed for long-term climate mitigation.
The report credits strong collaboration among the Ecosystem Marketplace team, especially Charlotte Barber, Ciro Calderón, and Jinsui Song, for producing this analysis during a challenging moment for climate data collection.
Link to report: Ecosystem Marketplace – 2025 State of the VCM
