Indices

The issuance index has maintained its upward trajectory through Q1 2026, marking a new highest quarter-to-date value of 6.0. This growth was driven by credits issued to leak detection and repair, cookstove, and abandoned mine methane projects that received high ratings. Issuances to lower-integrity REDD and U.S.-based IFM projects continue to limit the growth of the issuance index.
The retirement index continued its Q1 2026 decline to 3.2, mainly due to the retirement of lower-integrity REDD credits. Retirements from higher-integrity landfill gas, ODS destruction, and LDAR projects continue to support the index and prevent it from decreasing further.

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 February 28th, the Index includes 406 projects—an increase from the 274 projects in the initial February 2025 report.

In February, prices across most project types broadly stayed flat throughout the month, signaling a stabilization after the declines seen at the start of the year. While Tier 2 (T2) and Tier 3 (T3) prices edged lower by 3.72% and 0.87% respectively, Tier 1 (T1) prices grew by 1.00%, supported by targeted price increases for select Methane Capture and Recovery projects.
The T1–T3 price premium rose to 48% to lead the second month of the year. This sustained premium is primarily attributed to project composition, with Tier 1 encompassing CCP-approved projects which are commanding higher premiums on the market. Buyers continue to favor these credits as supply expands from newer methodologies.

News! ClearBlue Markets is pleased to announce a new data-sharing partnership with Calyx Global, a leading carbon offset project ratings agency that builds on our existing indices collaboration:

For ClearBlue Markets clients: Calyx Global's independent quality scores are now being integrated into the ClearBlue Vantage platform, providing a unified view of credit quality and pricing context.
For Calyx Global clients: ClearBlue Markets' proprietary pricing data is fueling their new "Pricing Intelligence" feature, offering transparent benchmarks from over 250,000 market data points.

This collaboration is designed to support smarter, faster purchasing and trading decisions and to bring further transparency to the voluntary carbon markets. Contact us for more information about our VCM Market Intelligence services.

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Why was 2025 a Breakout Year for Price Discovery?

The price spread for higher-quality credits widened in 2025. Prior to this, particularly in 2022, lower-quality credits fetched higher prices.

Why? Because of an immature market where charisma trumped quality.

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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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The Calyx and ClearBlue Carbon Indices

Quality and pricing indicators that track carbon market impact

Q1 2026

Calyx Carbon Integrity Index

Calyx–ClearBlue Carbon Price-Integrity Index

About the Ratings Tiers

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Why was 2025 a Breakout Year for Price Discovery?

The Carbon Indices mid-year update

5 VCM quality and pricing insights from the first half of 2025

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The State of Quality and Pricing in the VCM