This week, the standardized contracts in the voluntary market displayed mixed signals. Notably, the CGO Dec-23 contract witnessed a decline, closing at USD 0.56/t on Thursday (30 Nov), marking a 9.68% week-on-week drop. Conversely, the GEO Dec-23 contract settled at the same value as the previous week, closing at USD 0.65/t on Thursday. The CORSIA-eligible contract concluded the week at USD 0.72/t on Friday (24 Nov) but continued to trade downward the following week. On the other hand, the NGO Dec-23 contract experienced a slight uptick, closing at USD 0.96/t, reflecting a 1.05% increase week-on-week.

Trading activity in the voluntary market witnessed a notable surge this week, evident in the increased traded volume. A total of 4,340 contracts were traded, representing a more than 50% rise from the previous week's volume. The GEO Dec-23 contract remained the most sought-after, with 2,399 contracts changing hands, followed by the CGO Dec-23 contract, which saw a total of 1,552 contracts being traded. Conversely, the NGO Dec-23 contract was the least preferred, with only 389 contracts traded this week. This heightened trading activity can be attributed to companies finalizing their year-end emission reports, contributing to a dynamic market environment.

 launched a market consultation to support the launch of ICVCM Core Carbon Principle (CCP)-authorized credits and designing CCP-aligned Global Emissions Offset standardised contracts. The consultation will cover Xpansiv's integrated portfolio management system, spot exchange platform, and OTC settlement mechanism.

, a Japanese banking holding company, entered a strategic partnership with Climate Impact X (CIX) to address Japan's rising demand for international carbon credits. Mizuho's investment in CIX, alongside founding shareholders DBS Bank, SGX Group, Standard Chartered, and GenZero, aims to foster cross-border trading and market connectivity. CIX just today (01 Dec) temporarily suspended carbon credits from the 

(VCS 1748) in Cambodia from delivery into the 

 (CNX) standard contract, as the project no longer meets the eligibility criteria of the CNX contract. The Southern Cardamom project is now under a Monitoring Period, during which its credits are not deliverable into various CNX standard contracts but will remain tradable as a single project instrument on CIX Exchange and accepted for CIX Clear.

 earlier this week (27 Nov) introduces pivotal changes to REDD methodologies. The shift includes adopting jurisdictional-level data, reducing baseline reassessment periods, and directing transitions through Verra. Current projects using superseded methodologies are substantial, issuing 406 million tCO2 over a decade, constituting 35% of total Verra-issued credits, while the 136 projects in the pipeline anticipate a transition to consolidated methodologies. The timing of the transition of AUD projects depends on status and jurisdictional data availability. Anticipated to impact pricing dynamics and coincide with CCP-approved credits delay, this update adds nuanced considerations to the evolving carbon crediting market. For more information on this, refer to our analyst update 

 recently launched an update on its Claims Code of Practice, which includes the carbon Integrity brand and mark, categorized as silver, gold, and platinum. Complementing this, the MRA Framework provides a structured approach with assurance requirements, illustrative disclosures, a claims submission timeline, an assurance provider guidance checklist, and a guide on utilizing the claims. VCMI also introduced the beta version of the Scope 3 Flexibility claim, emphasizing that credits must not surpass 50% of GHG inventory Scope 3 emissions. VCMI foresees companies initiating claims or declaring their intentions to do so in the coming weeks while efforts are ongoing to develop a claim guidance/pathway tailored for companies that have made early investments in a project or entered into offtake agreements (pre-issuance guidance). In addition, VCMI also clarifies that companies can use credits, 

any associated corresponding adjustments, emphasising once again the rise of contribution claims within the voluntary market. For more information on this, refer to our analyst update 

 (Carbon Neutrality), building upon the existing International Standards addressing GHG quantification, reporting, validation and verification, such as ISO 14064-1, ISO 14064-3 and ISO 14067. ISO 14068-1:2023 provides principles and guidance for achieving carbon neutrality through measuring, reducing, and offsetting carbon footprints. It applies to organisations (such as companies, local authorities and financial institutions) and products (goods or services, including buildings and events), emphasising emission reductions and removal enhancements over offsetting. It includes requirements for carbon neutrality commitments and making carbon neutrality claims.

Anticipation is growing for emerging initiatives as we kick off the global climate summit COP28. We anticipate additional announcements in the voluntary market from December 3rd to 5th. See our latest analysis on what to expect from COP28 for the VCM 

 and our series on the ongoing climate negotiations 

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Week 48: Mixed signals in future contracts while anticipation grows for COP28

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