2024 Year in Review VCM

Transactions of voluntary carbon market contracts on exchanges were collectively worth about USD 98.4 million in 2024, only slightly more than half of what they were worth in 2023. The average price of just about every contract traded on the exchanges for which Veyt has data declined considerably compared to 2023. The amount of credits taken out of circulation declined from previous years, though rates of retirements from certain registries and project types went up. Issuance was down, with 284 million credits issued mostly to projects involving forestry and land use. Over the course of the year, the ICVCM bestowed in batches the eligibility for its CCP label, designed to stand for high carbon credit quality.