The Calyx and ClearBlue Carbon Indices
Quality and pricing indicators that track carbon market impact
Q3 2025
Calyx Carbon Integrity Index
Average quarterly GHG integrity
Issuances
4.7 out of 10
Retirements
3.3 out of 10
0% vs. Q2 '25
Calyx–ClearBlue Carbon Price-Integrity Index
Average monthly price by rating tier
T1 Price
$8.29
T2 Price
$6.14
T3 Price
$5.31
By contrast, retirement quality held steady at a lower level. The index continued to be weighed down by REDD and large-scale renewable energy projects – credits that are explicitly not ICVCM CCP eligible and also exhibit lower quality among Calyx Global ratings.
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 June 30th, the Index includes 358 projects—an increase from the 274 projects in the initial February 2025 report.
- In August, VCM credit prices broadly increased, with Tier 2 (T2) and Tier 3 (T3) credits recording average month-over-month gains of 2.4% and 5.5%, respectively. In contrast, Tier 1 (T1) credits posted a slight decline of 0.7%, leaving overall prices relatively stable. The T1–T3 price premium narrowed to 56%, down from 66% in July, reflecting stronger relative growth in T3 credits.
- T1 prices remained largely unchanged as Ozone-Depleting Substance (ODS) Destruction and Landfill Gas projects held steady. T2 gains were supported by select cookstove projects trading higher month-over-month, while T3 strength was driven by broader VCM increases.
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.
Download the report%20(1).png?width=1200&name=A%20leader%20in%20Carbon%20Intelligence%20(1200%20x%20627%20px)%20(1).png "A leader in Carbon Intelligence (1200 x 627 px) (1)")