Quality and pricing indicators that track carbon market impact

• The issuance index closed out Q3 relatively high, at 6.4. The index was supported by credit issuances to higher-integrity landfill gas (LFG) projects. However, credits issued to lower-integrity REDD and afforestation/reforestation (A/R) projects prevented the index from improving further. 
  
  
• The retirement index has held at a steady low through 2026, closing out Q3 at 3.4. The index was supported by the retirement of credits from higher-integrity LFG, ozone-depleting substances (ODS), and leak detection and repair (LDAR) projects. However, the retirement of credits issued to large-scale grid-connected renewable energy and REDD projects drove the retirement index down.

Note: The Calyx-ClearBlue Carbon Price-Integrity Index is updated quarterly to reflect new Calyx Global ratings, rating revisions and additional historical pricing inputs from ClearBlue Markets. As of July 31st, the Index includes 455 projects—an increase from the 274 projects in the initial February 2025 report.

• In September, VCM price movements diverged across tiers. Tier 1 (T1) prices pulled back slightly by 0.27% to $8.83, while Tier 2 (T2) and Tier 3 (T3) prices rose by 2.18% (to $7.59) and 2.15% (to $6.54), respectively. With the minor contraction in Tier 1 and gains across the lower tiers, the T1 price premium over T3 narrowed to 32%.
  
  
• The dip in the T1 index was driven by small price reductions in select Manure Management and Leak Detection projects. Conversely, T2 and T3 benefited from pricing gains in ARR (Afforestation, Reforestation, and Revegetation) and Land Management projects.