2025 State of Integrity in the Global Carbon-Credit Market
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Ensuring high levels of integrity remains central to scaling the global carbon-credit market. Buyers of carbon credits need ever greater assurance that the credits they are buying have the intended impacts.
Our 2025 State of Integrity in the Global Carbon-Credit Market Report provides insight into the initiatives that are helping to enhance confidence in the carbon-credit market. Our research reveals how integrity standards are rising, why demand for high-quality projects is outstripping supply and how systemic risks — from delivery delays to governance gaps — are reshaping market dynamics. Drawing on MSCI Carbon Project Ratings covering more than 4,400 registered projects and nearly 250 in the pipeline, this report offers investors and market participants a data-driven lens into the forces shaping carbon-credit quality.
Annual Carbon Credit Retirements by MSCI Carbon Projects Rating (%). Data as of Sept. 1, 2025. Source: MSCI Carbon Markets.
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State of Integrity in the Global Carbon-Credit Market
This report describes the methodology of the MSCI Carbon Project Ratings and finds that of the more than 4,000 projects assessed, fewer than 10% are rated in the AAA-A band. There are, however, some encouraging signs of a trend to increasing integrity.
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