The Calyx and ClearBlue Carbon Indices
Quality and pricing indicators that track carbon market impact
Q4 2024
Calyx Carbon Integrity Index
Average quarterly GHG integrity
Issuances
4.2 out of 10
Retirements
2.6 out of 10
Calyx–ClearBlue Carbon Price-Integrity Index
Average quarterly price by rating tier
T1 Price
$6.15
T2 Price
$4.52
T3 Price
$4.52
The Integrity Index for Issuances started to rise in Q3 2023 and reached new highs in 2024, indicating that the primary market (a leading indicator) is starting to move towards higher quality.
The Integrity Index for Retirements has improved only slightly in the past two years, as may be expected since retirements are a lagging indicator for the market.
Until mid-2023, higher-quality credits were selling at a discount; this changed in Q3 2024 when the price of T1 credits began to exceed T2 and T3 credits.
Currently, T1 credits command a modest price premium of around 30% above T2 credits.
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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