The Calyx and ClearBlue Carbon Indices
Quality and pricing indicators that track carbon market impact
Q4 2025
Calyx Carbon Integrity Index
Average quarterly GHG integrity
Issuances
3.4 out of 10
Retirements
4.1 out of 10
+ 20.6%vs. Q3 '25
Calyx–ClearBlue Carbon Price-Integrity Index
Average monthly price by rating tier
T1 Price
$7.89
T2 Price
$5.91
T3 Price
$5.48
Credit issuance quality for Q4 (to date) took a nose dive in November, declining from 4.5 to 3.4. This decline was mainly driven by new issuances of lower-quality credits from large-scale renewable energy (mostly hydropower) and secondarily by issuances of lower-quality cookstove and REDD projects.
Retirement quality continues its upward motion throughout the year. However, the index remains under 5 due to companies continuing to retire lower-quality credits, in particular those generated from REDD, hydropower and A/R projects.
- In November, Tier 1 (T1) and Tier 2 (T2) credit prices edged slightly lower, with T1 decreasing by 1.16% to USD 7.89 and T2 declining by 2.68% to USD 5.91. Price movements at the project level were similarly modest, with minor pullbacks and no consistent trend across any specific project types, indicating a generally stable but slightly softer market for higher quality credits. In contrast, Tier 3 (T3) prices rose notably by 9.04% to USD 5.48, driven primarily by significant price increases among select REDD and avoided deforestation projects.
- The T1–T3 price premium narrowed to 44%, down from 59% in October, reflecting the relative outperformance of T3 in November. Overall, the month showed steady–to–soft conditions across T1 and T2, while T3 strengthened meaningfully due to project-specific dynamics.
The Carbon Indices mid-year update
5 VCM quality and pricing insights from the first half of 2025
The ClearBlue Markets Calyx Global Carbon Indices have been updated to reflect year-to-date data through June. Download our new report to see how carbon market pricing and integrity has changed so far this year.
Get the original report
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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