The Calyx and ClearBlue Carbon Indices
Quality and pricing indicators that track carbon market impact
Q1 2025 to date (through end-March)
Calyx Carbon Integrity Index
Average quarterly GHG integrity
Issuances
4.1 out of 10
Retirements
2.9 out of 10
Calyx–ClearBlue Carbon Price-Integrity Index
Average quarterly price by rating tier
T1 Price
$6.48
T2 Price
$4.79
T3 Price
$4.63
There continues to be a slow, steady, upward trend in the quality of retirements; January to March retirements averaged a score of 2.9 through Q1 2025.
The quality of issuances has declined since mid-2024 and appears to be converging with the quality of retirements.
Until mid-2023, higher-quality credits were selling at a discount; this changed in Q3 2024 when the price of T1 credits began to exceed T2 and T3 credits.
Currently, T1 credits command a price premium of around 46% over T2 credits.
The State of Quality and Pricing in the VCM
The voluntary carbon market is shifting, with integrity and pricing more closely linked than ever. This first-of-its-kind report developed by Calyx Global and ClearBlue Markets provides a data-driven view of how carbon credit quality and pricing are evolving.
Using new market indices, the report reveals that high-quality credits are beginning to command a premium, and issuances of higher-integrity credits are increasing. With insights backed by extensive credit ratings and pricing data, this report is a key resource for understanding today’s VCM.
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