The majority of the 44 stakeholders from the voluntary carbon market who participated in the Ecosystem Marketplaces’ survey identified an increase in prices and the volume of credits sold in the last year compared to 2021.

Although retirement values, publicly shared by registries, are good indicators of market growth or shrinkage, the difference in transaction volumes is a highly accurate measure, as there may be a delay between credit purchase and retirement, and credits may also be sold to market intermediaries and not to final off-takers.

The survey findings suggest that buyers have complex preferences that go beyond the scope of carbon co-benefits and include a focus on SDG impacts and overall credit quality. Buyers are exercising caution by waiting for guidance from the Integrity Council for the Voluntary Carbon Market (ICVCM), the Voluntary Carbon Markets Integrity Initiative (VCMI), and Science Based Targets Initiative (SBTi) before making any significant purchases. Finally, the survey indicates that third-party ratings agencies are playing an increasingly important role in providing transparency and trust to buyers, despite concerns that their proliferation may be contributing to confusion in the market.