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
4.5 out of 10
Retirements
4.9 out of 10
+40.0%vs. Q3 '25
Calyx–ClearBlue Carbon Price-Integrity Index
Average monthly price by rating tier
T1 Price
$7.98
T2 Price
$6.08
T3 Price
$5.02
Retirement quality surged in October, rising from 3.5 in Q3 to 4.9 in the first month of Q4. The spike in quality was driven by retirements from a few high-integrity landfill gas and leak detection and repair (LDAR) projects. LDAR projects - which aim to find and fix methane leaks in oil and gas infrastructure - have issued fewer credits relative to many other project types, but can exhibit high GHG integrity.
Issuance volumes were low in recent months compared to retirements, suggesting that the market is working out the oversupply that has occurred in recent years. Issuance quality held steady, edging down slightly from 4.6 in Q3 to 4.5 in October. The slight downtick was driven by a large tranche (over half a million tonnes) of credits issued from a cookstove project.
- In October, Tier 1 (T1) credit prices remained broadly flat, declining slightly by 1.2% to USD 7.98. The T1 portfolio, largely composed of ozone-depleting substances (ODS) destruction, landfill gas, manure management, and LDAR, continued to demonstrate relative stability in pricing. Tier 2 (T2) credits increased modestly by 1.9% to USD 6.08, while Tier 3 (T3) credits fell sharply by 8.8% to USD 5.02, driven primarily by significant pullbacks among select REDD+ and avoided deforestation projects.
- The T1–T3 price premium widened to 59%, up from 47% in September, as T3 underperformed relative to higher-quality credit segments. Overall, October reflected a steady market for T1 and T2 credits, offset by notable weakness in select Tier 3 categories.
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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